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Ok been doing a bit of digging on different fronts and talking to people within the sector. Within the past month, the CEO Per Widerström has been re-structuring the company from top to bottom with many redundancies in the past month.
Article Today Israel News outlet 18.07 pm 11/1/24
hxxps://detaly.co.il/londonskaya-kompaniya-888-holdings-plc-uvolnyaet-desyatki-sotrudnikov-v-izraile/
Peel Hunt Brokers suggests the results will be dull but may follow Guidance from the 2022 Board outlook. Once the CEO has implemented cost-cutting and synergies across the group. The saying slow and steady approach.4/1/24
The William Hill Portfolio of its Assets in the UK and Europe will be looked at. The High street presence may be trimmed and some outlets sold. The partnerships they have across the board in racing may be sold (Ireland Racing with Sky mentioned last year sold etc).
Looking at non-profitable parts of the group where numbers bring relevant small (Deleware USA axed).Also, looking to pool resources across Canada and the USA to create larger access for players. ( Cassava Enterprises, Ltd)
Looking to expand into new markets in Africa. They have gained 2 licences with the Cardiff Law firm in Wales seeing those projects with some more in 2024. ( Hugh James dealmakers)3/1/24
To extract cash flow to eliminate floating debt in 2024. Also, to Leverage Fixed debt with JPM and Morgan Stanley on 2027/28. This is based on interest rates coming down in Q2 in 2024.
There are more I could list but 888 Holdings Plc CEO is at work and seems to be doing the job as quoted in the CasinoBeats 4/1/24.
Also, they are putting together a backroom team that will expand 888 Holdings with the appointment of Ian Gallagher who has a lot of experience. As one person quoted"If the CEO has time to implement his plan before 888 Holdings is taken over".
On the research, I hope it covers the outlook for Investors if they were worried.
All equities are down. Personally for me, another opportunity to buy having sold @93 on 21/12.
Once I achieve a set margin, I ditch. When a price becomes favourable again, I consider looking at the risk element again, and importantly the financials. As for takeovers, I could not care less.
There's something going on anyway.......and it's having a negative impact on the share price.
Imagine how the guy feels who bought £3m of shares at 94p before Christmas.
Do you think the trading update isn't going to bring any new good news? and this has already been built into the dip from 95p down to where we are today?
After a sustained increase in price right up to NYE, we have now seen a sustained retraction....which I am surprised by considering talk of takeovers, and reduced interest rates coming later in the year.
Old news and rejected by the Board but value is there for someone
City sources as saying that Playtech made a written indicative approach to acquire 888 at 156p a share in July, only for it to be rejected as undervaluing the company.
Probably a new offer off 167p a share..DYOR
Well shorts have increased again which isn't a good sign for this share
What do we anticipate this will look like?
Notice of Trading Update
888 (LSE: 888), one of the world's leading betting and gaming companies with internationally renowned brands including William Hill, 888 and Mr Green, will announce a post-close trading update for the 12 months ending 31 December 2023 on Wednesday 17 January 2024.
What is interesting I put different wording into search engines and came across this but no Article was linked.
Is the 888 Holdings stock a buy after new DraftKings buyout. This happened when I covered Curry Plc's Greek sale. On that occasion, the story broke the day before the announcement but the Article was removed the title remained (Greek News Outlet on Advfn my post was).
It does not mean Draft Kings has put in a new bid but I do keep an eye out for News Articles on the USA side now.
Trouts what you said about the Board, you do know there have been a few changes since the old board.
Like new CEO, CFO, etc. Also to illustrate the 4/1/24 Casino Beats Article -
https://casinobeats.com/2024/01/04/888-ian-gallagher-chief-product-officer/
The last line may have some importance "2024 will see 888 undertake a corporate reorganisation led by Group CEO Per Widerström, who began the role in October 2023. The company’s board has vowed to return profitable growth to the business and maximize value creation. "
I'd take 156p tomorrow! Alas, that would mean the end of the gravy train for the BoD and much of the management team, so they would want more.
Who can argue with that assessment?
888 rejects £700mn Playtech approach
888 (888) shares rose by over 17 per cent in early trading after weekend reports said that the William Hill owner turned down a £700mn acquisition attempt from gambling technology business Playtech (PTEC) in July. According to The Sunday Times, a “written indicative approach” of 156p per share from Playtech was rejected by 888 for undervaluing it. Neither company has confirmed the story.
Numis analysts said that 888 “is arguably a sitting duck” for a takeover. The Financial Times reported last month that US gambling operator DraftKings held talks with 888 shareholders in the summer about making a possible bid for the company. 888 shares have fallen by almost a fifth over the past 12 months to trade at just over 80p.
The Bod turned down a 156p indicative written bid - surely that means that the BoD see the company at a much higher value.
https://www.lse.co.uk/news/press-888-rejects-gbp700-million-takeover-tilt-from-playtech-0zqavlp7b8ng7dp.html
Buying back sales seems a no brainer - moves up trim moves down buy back - rinse repeat - too risky to be out of this stock
Let's not forget someone thought it was worth buying £3m of these shares over Christmas. A huge buy.
The share price performed really well over Christmas recovering from a drop to 69p, to reach 97p.
What has brought on the slide back since Monday?
Was hoping we would have broken through the 100p barrier by end of January.
UK
proactive logo
William Hill-owner 888 jumps on reports it rejected Playtech bid
Published: 09:50 04 Dec 2023 GMT
Written by: Jeremy Cutler
About this content
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888 Holdings PLC
LSE:888
888 Holdings PLC -
Shares in William Hill-owner 888 Holdings PLC leapt over 18% to 83.34p on Monday morning after The Sunday Times reported it was the target of a £700 million swoop by gambling tech provider Playtech PLC (LSE:PTEC).
Playtech made a written indicative approach to acquire 888 at a price of 156p a share in July, only for it to be rejected as undervaluing the company, the report said, citing City sources.
The report pointed out that since the board spurned Playtech’s approach, 888’s shares have fallen. They closed at 70.6p on Friday 1 December, valuing the business at little more than £300 million.
It noted the appointment in October of a new chief executive, the gambling industry veteran Per Widerström, has also failed to stop the rot with the company booted out of the FTSE 250 index last week.
In November, the Financial Times reported US gambling firm Draftkings Inc had discussed a bid for 888 over the summer with some of the UK betting operator’s top shareholders.
This is a old statement on another site, but we need to be kept upto date if their still in talks..
1st April 24
Interesting question it has been on the cards but as yet no firm offer as we know has been put forward. The GC Review seems a long drawn out. It seems 888 Holdings did say last year that it would not impact the License. Entain was resolved on 5/12/23. FS Gaming as a shareholder is covered by the Companies Act 2006 with any action by GC against them. So the GC Review seems pointless now and they should just come out soon or later with the announcement.
On the takeover speculation, no news is good news but looking over past Articles there is interest. On the share movement on trades that seems to indicate something is going on. Most of the Institutional Investors reduced their holdings but they were mainly ETF Funds. They sold their position due to 888 Holdings leaving 250 FTSE.
As I quoted "Top deals lawyers in the Square Mile say they have seen a flurry of interest from private equity [PE] houses through December, who are looking to audition potential advisors before a rush of demand at the start of 2024".
Any guesses when the take over is happing?
Wonder what happened today?
Was surprised to see that retraction after achieving buys up to 97.85p
You and me both. All mine in an ISA and trim and add. An easy add if it drops to 70p
MaryBr - the shorts must be experiencing a bit of pain over the last month with the come back of this SP?
Is there any more information due regarding the review ( as a result of FS gaming's involvement in 888 back in the summer)?
Would love to see this hit the heights it hit in the summer of 120/130. Once we break the 100p mark I'm hoping it takes off......or more takeover rumours surface.
The low 50s was the bargain of 2023