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Betfred raises £194m in a heartbeat....BC can't raise two pence! Proves my point methinks! No doubt a clause written in forbidding reasons to be disclosed for not proceeding with acquisition etc... Fine... most of us can guess!
We can rule out Betfred from interested parties.They have just secured £195m to buy the 322 shops Ladbrokes off loaded ffollowing the Coral merger. Wonder what £195m buys them in terms of profits for i doubt they were the choice bits of Sads estate! When the whole world is going digital/Internet Betfred are adding expensive shops to their cost base which if the Govt have their way the crack machines which lets face it supports most betting outlets might be going the way of the dodo! Not a £194m punt I'd be making.
We are holding on to the gains (9) since the vat decision. Remember the mm's do not have the companies interest or yours to heart...they are only interested in their health! Regretably it's the only system available to value ones share. Luckily we can agree or disagree with what were offered and so can voice our opinion by selling up or buying more. Until we get some news from Spo HQ as to the outlook for next year and what we have earmarked our £97m for, best to sit on the sidelines and contemplate ones navel.
Drawback with any UK Co showing an interest in Spo is that any decision will take c 2-3 years maybe longer if HR poke their noses in where their not wanted. Anyways rest assured it won't happen. I think any move to the US will now be on the back burner as any interest in the pools has probably been eliminated... ...well at £90m anyways! So those looking for a bid must hope one of the US firms are looking for a worldwide partner. This would be better for us as I'm sure the price will reflect our true value rather than what the cheapskate UK firms are likely to offer.
Ellis Park racetrack selects Spo as their new provider for tote betting technologies via its world leading Quantum system. Kentucky Downs has also signed a new contract with our Racing division.
BC must be kicking themselves they didn't go the whole Hogg, no pun intended and strike for the entire share capital of Spo. Doubt we will ever know the full story for i cannot believe in this era of cheap money they were unable to raise the cash! Now with the prospect of compound interest being added any monies received could well pay for the Pools alone! Oh well, faint heart never kucedf fat pig! Pleased with yesterday's performance only a 1p off on much reduced volumes. Not many betting plc's are debt free and not saddled with the Govt or Jockey Club breathing down their necks seeking money! Betfred and Bet 365 would kill for our spread of businesses here and overseas where the Racing div is set to be a big driver of revenues as our Quantum betting system becomes more widely used. I'd be surprised if they have not had their advisors to run the numbers over Spo. We can afford to sit back and await events.
Good luck luckyjohn wish that was my monicker! Hope you keep me company as outside of the Captain it's a lonely vigil!
I've been with Sportech for years now going back when the share was .08p to .02p, i had 33,000 shares then, they then consolidated the shares so i now have 3,300, It's been a long time waiting for this share to come to life and i feel that now is the right time.
I have learn't to ignore broker forecasts which in the main they push out to their client base in the hope of generating comms. That's fine...that's their business. As I make all my investment decisions and have done so since 10 years old (thanks Dad) they may or may not agree with my view. That Peel Hunt seem to agree with my 150 (bid or no bid) sp worries me as I'm invariably wrong. Still who knows i could get lucky...fingers crossed. Any newcomer to Spo should be aware of the poor performance of the stock going back 10 years and (more)... the consequential opportunity loss investors have suffered, self inflicted of course, so at the most crucial moment in Spo life do you believe your hard earned cash will give you a return outside of investing in Voda or gilts? I think so but I'm talking my own book and I've been invested since i don't know when...oh yes it was William the Conqueror. Good luck guys and remember it ain't instant riches.
Broker Forecasts today Peel Hunt Latest target £1.40
Yes miti100...either £97m cash ex debt or c £36m net cash. My guess the co will pare down the debt as per the loan terms so as to pay a special divi and any immediate investments budgeted for the coming year close. A 1p special dividend would cost c £2m which looks about right (c2%) of the vat win which should keep lth on board. Whatever now is not the time to sell up though one is taking a lot on trust that the cash will be used wisely to grow the top line for the first time since 1066! On balance if you have been invested around the 60-80 level the risk/reward definitely favours staying in given our world spread of interests.
Sorry , should have added your £99 million in cash figure doesn;t include the bank debt does it ?
And what about the 60million in bank debt ? Banking Position The Group has net cash of GBP37m at 31 October 2016, an increase of GBP0.8m since 30 June 2016. Excluding the cash received from HMRC in respect of the VAT decision and customer cash balances, the Group has net debt of GBP60.0m at 31 October 2016.
Small lot selling takes c 5% off sp...overdone as usual. Best wait if your itching to buy as mm's might be looking at getting some cheapies. Anything near 80 will take us near pre vat win but like an oil co I know where it's c 700 mbbls 2p reserves are valueless and the mrkt cap is less than cash in bank..........don't be surprised if the mrkt takes a similar view. Cannot see why they should but nothing surprises me in these rigged markets.
Showing a 45% gain but even better if you bought in at year low your UP 74%!!
Crack bookies take a hammering after a cross party group of MPs' urged an immediate crack down on betting machines, calling for the £100 spin to be cut to £2 and speed of spin and nos per shop be reviewed. It also seeks that Councils be given extra powers to stop"clustering" of betting shops and that evidence suggested that undesirables were attracted to areas of betting outlets. Needless to say the bookies hotly denied the issues raised by the MPs' adding that it would have a disastrous impact on the betting industry. Er.....more like on your bottom line you mean. I have zero sympathy for the bookies who have used the FOBTS as a cheap way to bolster profits as they had run out of ideas to increase profits. A short term measure thats going to cost them big time down the line.
From the Times this morning....Penrose said that while it would give the company scope to accelerate investment in its other operations, shareholders would receive a cash return! Small article in Telegraph adding little of interest and not a mention in the mickey mouse Mail. Be interesting to see how volumes go today after yesterdays huge increase in turnover. Profit takers will be out early methinks if there is an initial rise. The prospect of a "bonus win" payable to holders might stem selling but as to how one qualifies for a special cash payout I'm not sure I guess you will have to be on the register at a certain date..lucky for the "Johnny come latelys"
I forgot to mention the arrangement Spo made with the lawyers, who i understand were on a no win no fee basis. So that could be costly partly offset by costs awarded against HMRC. As will be any tax owed on the vat sums received (if any).
Yea the compound interest claim has already been ruled on by the Appeals court in favour of Littlewoods and now before the Supreme Court to be heard next year (July). Our claim for compound interest has been lodged since 2009 for amounts yet to be determined. Spo say it could potentially double the vat award. As we are now essentially debt free we will be saving £6m or so in interest charges which will drop straight to the bottom line next year (assuming we repay our lenders in full). If we cont to carry debt then our cash position at 16 year end should be around £103m (50pps) ex any retained cash flow and no dividend paid. I'm pretty sure that Spo will want to start paying dividends, probably next year which will attract income seeking funds to the company. This should be good for the sp! A terrific end to the year for shareholders which puts us in a very strong position to grow the business in the US and I'd expect Draft Day to be on our wish list for starters. We could be nudging £35m next year for c 17pps (ebita) and on a cheap multiple. Others will be looking on enviously. The two failed bids for the Pools might be a blessing in disguise in that Spo as a whole has suddenly become a very attractive target at a mrkt cap of £180m. Don't expect any UK plc mopes to be interested, they have enough problems of their own! The pools division suddenly got a lot more expensive to purchase and I'd expect the board to value this super business much more realistically should anyone come knocking!
Hearty congratulations to all at Spo HQ. Well done and spend our money wisely!!
Also Spo submitted a claim for compound interest which if successful could double the amount re'cd from HMRC. This is ddependent on the Littlewoods stores claim being heard later this year. Whatever HMRC are a busted flush and have finally thrown in the towel. Great shame they have escaped swingeing penalties for wasting everyone's time these last 8 years! The balance of £4m+ will be paid shortly giving us c £99m in cash or just under 50pps. Shares rose 10 on the news and would expect a rerate in the coming days.
Spo wins appeal!!
With only c 13 trading days till the New Year if the SC is going to rule now would be a good time. I see no point in hanging this out till 2017. Delaying the inevitable is in nobody's interest.
Surely today or by Friday as Dec ain't the autumn when i last looked! Yea you can't decide where to put all your crosses...can you? Where's that bloody ball gone? C'mon you clever dicks it's easy...close your eyes and stick a pin in....bound to be a winner!
......It will be a miracle if one does!