Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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nr98 where did you get the info. from? cannot see the rns for it
Seems like Marathon has taken a 1+% stake in PTEC....
Not that it means anything but value signalling!
That's a nice narrative but i think in a recession, gambling volumes would take a hit regardless - 2008 fin crisis, casinos saw cc 20% revenue declines. But a software provider should be well buffered as it doesnt have the same op leverage as a b&m casino. But maybe with online gambling pervading, the impact is also dampened given the lower frictional costs to gamble i.e. don't have to travel to a casino etc.
In any case, given the current trading update, it seems like even if there is no bid, the downside should be dampened compared to last year before the whole hoo ha took place. We'll see
I am inclined to step back on board after today's trading update RNS. PTEC looks like a good global business to be in approaching a recession. Sadly people gamble more when poor.
What's worth noting re this bid is that the headline multiple offered by Aris - 11.4x is woefully understated given that they intended to sever EBITDA streams post business review... multiple more like 13-14x. Could argue that the TTM numbers used were pandemic infected and normalized no. would be higher so multiple deserves to be lower. But in any case, a 10x on TTM numbers ending Dec 31 would still equate to a nice >£7. ..
But i'm sure the bidders all know the value of the B2B and B2C assets...
need to go back to posts around time of the bid being rejected. i think it was an article pasted on here from the times paper if memory serves me right.
Quick qn, where do you read that if Aristocrat were to offer a rebid, they only need 50% acceptance this time?
just read a note that a spac reverse into TEKKORP of caliente for $ 840m is rumoured of which playtech own 50%.
Do we *formally* have a bidder? I mean is there a party bound by the takeover code? I was under he impression they had expressed an interest in evaluating a bid but I didn’t realise this formally meant they have to follow the code etc. is that the case?
Lest any of you are of the (understandable) view that the current purgatory may have no end, we shall be put out of our misery by no later than 17 June: by paragraph 3 of Practice Statement 28 published by the Takeover Panel Executive (yes, I was a lawyer centuries ago) "...until such time as the Restricted Period has expired, there is no requirement to specify a deadline by which the Bidder must either announce a firm intention to make an offer in accordance with Rule 2.7 of the Code or to announce that it does not intend to make such an offer. This is because the Bidder remains subject to the Restrictions until the end of the Restricted Period and, as a result, Playtech is able to terminate the discussions with the Bidder at any time, at which point the Restrictions would be re-imposed on the Bidder for the remainder of the Restricted Period and Playtech would announce the same. However if, at the expiry of the Restricted Period, discussions between the parties are still ongoing and the Bidder has not announced its firm intention to make an offer in accordance with Rule 2.7 of the Code or that it does not intend to make such an offer, then the Board of Playtech, in accordance with the Code, will announce the date and time by which it must do so, which will be 5pm on the 28th day following the end of the Restricted Period, being 17 June 2022" - per TTB update 21/2/22. Now theoretically the parties could seek yet more time from the Panel, but in practice the institutional investors would surely step in to force their hands, by calling an EGM or otherwise.
somebody had the cahones to .buy 375,000 shares this morning.
Zero news on anything from the board, including Caliente and the SPAC. That article that was doing the rounds cited current employees etc. as sources, I hope inside information has not been released to the select few here re: the outcome of talks, as someone is very determined to sell out at the moment based on the share price action!
anybody out there got any info on the caliente spac deal. has it actually gone through ? any info would be appreciated
I see 125,000 shares were purchased after yesterday’s close: we may discover, by rns later today, that someone was topping up at under 540p.
looks like everybody waiting for a bid to be announced, eventually, hopefully. maybe aristocrat watching and thinking of making a comeback ? WOULD ONLY NEED 50% ACCEPTANCE THIS TIME...
It is odd, everyone was desperate to buy in at 750p and now no volume or demand at 525p, just dripping lower on no news.
This is not a good sign that they are still dropping while the ftse is up. The shares were trading in a range of 630p-570p and rising and falling with the markets. What has happened that it has broken down from 550p. It is now a bargain or a value trap.
We need some news. Management could start by reinstating the dividend, cancelled over two years ago.
I take the point that there be some scepticism as to any bid but on the other hand there has been no significant trading of the stock , on the buy or sell side, since the big purchases by potential bidders ended in March. The Takeover Code demands secrecy during negotiations but this is tortuous (and torturous!).
As per the 3rd Feb RNS:
'On 19 November 2021, Gopher Investments, an affiliate of TTB, confirmed that it had no intention of making an offer for Playtech and, as a result of that announcement, TTB was bound by the restrictions imposed by Rule 2.8 of the Code (the "Restrictions") for a period of six months, which ends on 20 May 2022 (the "Restricted Period"). In accordance with Note 2 to Rule 2.8 and following Aristocrat (UK) Holdings Limited's Offer having lapsed, the Restrictions were capable of being set aside at any point in the Restricted Period in certain circumstances, including with the consent of the Board of Playtech.'
So they asked to be released from a 6 month barring period that was due to end on 20 May 2022 - I wonder if that was because their intention was to bid before that date - would seem logical.
My issue is, the people that blocked a decent offer at 680p have now caused a material decline in share price and distracted the CEO so far - and are keeping us all in the dark here. I also asked IR about the Caliente SPAC listing too as I want to start understanding the value of this and the bids for other parts of the business. If Mo Weizer is with TTB, has he any incentive to talk to other suitors and if not is that to the detriment of the shareholders?
I sent an email to IR Chris McGinnis regarding takeover. I got a reply about 4 days later. This is part of what he wrote.
(Timings related to the possible takeover are dictated by UK Takeover Code rules. The latest timings are outlined in our statement on 3rd February.
An independent sub-committee of the board has been formed which excludes our CEO. The sub-committee will deal with all matters related to any possible takeover given Mor Weizer'so involvement with TTB. Mor continues to run the day to day operations of the company. )
To be honest, the continued price drop make me think that the market has given up hope of a takeover. The price is getting close to what it was before the potential takeover was announced.
I shan’t hold my breath, but it’s a poor show. My only certainty is that if I sell, there’ll be positive action the next day! Thanks for trying to help, Thunder.
Have emailed IR today Marinella, I actually just left it before, more through hope than anything, but the drift in SP has me concerned so contacted the company today - no response yet. On the last results call they did not entertain any questions on the matter, so not sure I will get anything concrete back from them - but they can't think that they can operate like this indefinitely with us flying blind on what is going on.
Apropos your post on 8 April, Thunder, did you elicit any info. as to what is going on ?.
Yeah I saw that. Not really sure I believe it either. One thing I do believe is that there needs to be an update to the market on what is going on here.
Why were some investors desperate to buy up stock in £7's and reject the Aristocrat bid if they didn't have designs on the whole business themselves. Also the older article whereby they said a bid in cash over 680p was expected shortly seems to have been incorrect as nothing has happened at all, so not sure why this new article is any more reliable.