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when is the vote?
They need 75% in favour so not necessarily a done deal yet. I'm not so sure that all the bigger holders are impressed with this giveaway deal. If you don't vote you can't complain about the outcome.
Same here I will be voting against take over but I feel sure the take over will go a head. We are only small fry compared to the big institutions.
pre market ...showing mid 9.25p (+4.52%)...!
Sagi sells Otherside to NPT and then takes 40% of NPT sale to Betsson 11. Arrangements between NetPlay and the NetPlay Board Prior to commencing discussions with Betsson, the NetPlay Board implemented a scheme to compensate the executive directors of NetPlay for the successful completion of an offer for the Company (the "Incentive Scheme"). Under the terms of the Incentive Scheme, Bjarke Larsen and Akshay Kumar are each entitled to receive an amount equal to 0.625 per cent. of the value of an Offer, based on the Offer Price multiplied by the fully diluted issued share capital. In addition, as part of the settlement agreements in respect of the above mentioned resignations of Messrs Larsen and Kumar as executive directors and employees of NetPlay, it has been agreed by Betsson and the NetPlay Board that they will be paid the sums of £7,500 and £15,000, respectively, on termination of their employment being the dates falling one month and six months, respectively, from the Scheme becoming Effective (the "Executive Termination Payments"). Strand Hanson, as the Company's financial adviser for the purposes of Rule 3 of the Takeover Code, and the independent directors of NetPlay (being Charles Butler, Andrew Lapping, Tim Mickley and Graham Stevens) have confirmed that, in their opinion, both the Incentive Scheme and the Executive Termination Payments are fair and reasonable so far as NetPlay Shareholders are concerned. 12. Arrangements between each of NetPlay and Betsson and Playtech The largest shareholders of both NetPlay (Directforce Trading Limited, which holds 27.8 per cent. of the issued share capital of NetPlay) and Playtech (Brickington Trading Limited, which holds 21.6 per cent. of the issued share capital of Playtech) are wholly owned subsidiaries of trusts, the ultimate beneficiary of each such trust being Teddy Sagi. Playtech provides NetPlay with software and related services in order to allow NetPlay to conduct its business. In addition, Playtech licenses gaming technology and software and online games to members of the Betsson Group. The value of these contracts is less than 0.5 per cent. of the market capitalisation of Betsson as at 1 February 2017 (being the last Business Day before the date of this Announcement). Save as set out in this Announcement, no agreement, arrangement or understanding (including any compensation arrangement) exists between Betsson or any person acting in concert with it and any of the NetPlay Directors, or any recent directors, shareholders or recent shareholders of NetPlay or any person interested or recently interested in Ordinary Shares, having any connection with, or dependence upon, the Offer. In particular, no agreement, arrangement or understanding exists between Betsson or any person acting in concert with it and any of (i) Playtech or any of its subsidiaries, (ii) Directforce Trading Limited, (iii) Brickington Trading Limited or (iv)
This comany is growing well and has great growth potential, but they decided to sell us all down the river for just a few lousy bob.
man i wish i had bought them instead of this dud... lol. i suppose live and learn is the best way to invest. although it is difficult to know if a companies bod respect the interest of the shareholders or not!? i seem to have a bad habit of picking the ones who donot care
Lays it out pretty stark and is disgusted by bod action.
Once again we see the big guys screwing the small guy's
Can only think that the shareholders have been shafted by the BOD of this dog-sh*t company!!!
Article by Megan Boxall. 09Feb 2017. DISAPPOINTING TAKEOVER OFFER FOR NETPLAY TV. Competition in the online gaming market has ratcheted up in recent years and Netplay TV' s (NPT) investors have shared in the company's pain with the shares down two thirds in the past three years. And it seems rival Betsson AB, a Swedish digital gaming services company, is looking to take advantage of the weakness potentially adding disappointment for shareholders who remain convinced the group's fortunes can improve. Under the offer terms, Netplay shareholders will receive 9p per share, valuing the company at approximately £26.4m. Granted, this is a 12.5 per cent premium to the closing price on the day prior to the takeover announcement, but the shares stood at 9p as recently as September. At that time, we argued the valuation - on just nine times forward earnings - was too low for a company operating in a growing marketplace, sitting on a £9m cash pile and with a history of paying out generous dividends. The group's shares have collapsed since early 2014 when they were trading at highs of 24p. The introduction of a new point-of-consumption tax for online gaming companies in December 2014 hit profits, while competition has ramped up. But Netplay has remained a solid player in the online gambling space with its customer numbers increasing year on year. It's easy to see the attraction of the bid from Betsson's point of view but it's harder to understand why Netplay's management is recommending that shareholders accept such a lowly offer. A spokesperson for the group highlighted the "increasing operational and financial burden" on smaller businesses due to the evolving regulatory environment, which perhaps suggests management believes a deal is essential to prosper in the UK marketplace. Group chief executive Bjarke Larsen and finance director Akshay Kumar are also set to receive £165,000 on the completion of the deal on top of a 'termination of employment' payment of £7,500 and £15,000, respectively. ---------------------------------------------------------------------------------------------------------------------------------------------- IC VIEW: We're not convinced the offer represents Netplay's fair value but the group's entire board, including non-executive directors who are not included in the incentivisation scheme, unanimously recommended the offer. In September, the group said its growth plan, launched at the start of 2016, could be bolstered with "either bolt-on or transformational M&A opportunities", which made it sound like the active party. Management has clearly given up on that idea in favour of being bought. Await documents. Last IC View: Buy, 9p, 13 Sep 2016
Yep me too....everything crossed
I'm still here - with fingers crossed that another bidder will emerge with a fairer idea of what this company is really worth.
No comment for over 24 hours..... Looks like my wife and I are the only private shareholders left ?
A counter bidder emerges and gives Betssons and those 'roll over' Board of Directors a kick up the ar$e. Can't believe 9p is a generous offer 'delivering value to our shareholders'
"Here at bookies.com, we think that Betsson’s valuation of Netplay falls short of their actual worth" Well, they got that right! "and that other operators will now come forward to declare their interest." Let's hope they've got that right too.
Interesting article from the bookies https://bookies.com/news/netplay-shares-increase-after-betsson-takeover-emerges.html
Rejected.
I have used betvernon before and they are a horrific bookies, i bought in because they had a lot of cash, paid a decent dividend and i believed someone would come in for them. I never thought they would go for 9p and my initial reaction is what a joke of an offer and im going to vote to reject it but lets be honest if we did vote to reject it and we get no counter offer who here would still want to be in here? I think the best hope is to get a higher offer from someone else before this goes through but ive not got my hopes up. An absolute terrible BOD here and whoever negotiated this sale needs firing
So wait a minute. The day before this takeover offer was announced, two discloseable purchases were made. One by Slater Investments and another by Fundamental Asset Managment. What's that all about?? Or am I reading the last two RNSs wrongly?
Disgusted!! So much for the projected valuations of 14p in the event of a takeover!
Most of this shares were always crap though. I've never been in the position before of wanting to turn down an offer for a stock I held. Does anybody know the way it works if I want to reject this offer
For shareholders yes it like buying a Ferrari 5 years ago for £5m and selling it for £3m !!!!! A 12% premium!!! Yes on a very low share price.I've had enough of crappy small cap/aim shares even the ones that look good-90% of the time you will lose and get shafted-gotta get 10 baggers on the other 10% just to breakeven when you lose everything on the other 90% monitise fitbug Union Jack dx vislink fairpoint etc etc
Worth a read - I wonder if Betsson AB have a holding in NPT ? http://www.thetakeoverpanel.org.uk/the-code/download-code
Agree with other comments from private shareholders. The offer significantly undervalues the company. Very disappointed that the Board should actually be recommending such a mean offer!