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It seems tha there is a good chance that they will get together the required funding . So far as I understand it there are some positive negotiations going on with Falcon and other funders. But nothing precise yet.
Thanks. Any source of information would be appreciated.
I will check it out.
Hello SD. Any chance of an update on the circumstances disclosed in the memo you were party to? The dates appear to have slipped but are you aware if it is all still happening as set out in the document or have things taken a different course?
I'm not sure it matters who Cityboyz is as the comments he has made appear to be remarkably accurate given he disclosed the Sports Media and ATL Funding situations some time before anyone else knew about it. Granted, it would be interesting to know who certain people are in here and who their sources are. If he has a lot of knowledge about WGP, I am happy that he shares in here provided it is legitimate information. It is hardly his fault the majority of the news is bad.
"Neil Riches signing contracts knowing he didn't have the money" and allegedly owing ten of thousands, maybe more, to others. Sell the family silver?
you have a lot of knowledge concerning wgp now why dont you tell us WHO YOU REALLY ARE?
SD in the memo about proposed relist it assumes there is no problem with Worldlink Sports. There is a massive problem with Worldlink and anything to do with Sports and betting. Considering that Worldlink Sport signed millions of pounds of contracts whilst effectively insolvent there is zero likelihood that any sports brand will have anything further to do with this company be it directly, or indirectly. Even though it looks like Betbutler have picked up some of those contracts, my sources tell me that Worldlink and its directors are about to face lawsuits from high profile clubs and sports teams who have been left in the lurch by Neil Riches signing contracts knowing he didn't have the money to pay for them.Surely any new investor must have done due diligence on all of this?
Thanks, that is a good point. I forgot they are fund raising. I stand corrected.
..there will need to be a placing .... If its at 1p the mms will mark it at 1p....if its at 10p..... The placing price will determine where it opens....investors running to the exit will do the rest !
I'm not sure quite how this works but surely if they are coming out of an official suspension, the share is simply made available to trade again at the pre-suspension close price and left to normal supply and demand forces to set the correct level on their own? I was not aware that a suspended company could change the share price themselves on lifting of the suspension.
what price the placing then??
Thank you SD. I note that the Total Funds Required breakdown does not include any provision for legal costs to pursue the patent in the UK or US; or to conclude the cases with City Index and Bet365. Do you think they have given up on the patent? The inclusion of both patents as a source of income in bullet points 3 and 4 suggests not but when you combine the lack of further legal cost provision with the stated objective to "reduce the need to raise further funding", it does not all add up. I wonder if they are going to focus their attention on Sports Betting now rather than patent licensing?
I see that in fact there is a Stuart Canwell mentioned...but his investment status is not mentioned
I have not heard that name.... In fact the detail that I have posted is about as much as I know. But I do sense a new wind of change,,,
Thank you for that information SD. Is Stuart Canwell one of the investors? Have they actually invested as per the Memo or is that the proposal for an investment? If it is still in discussion, do you know if the detailed Due Diligence has been completed yet? Is the Bet Butler merger now signed and sealed pending funding? You have a longer track record with WGP than even me. Do you detect a genuine wind of change here? Moving forward with a new Management team is welcome news.
Set out below are the funding requirements in summary form for a period of five months. Note that these projections do not include the disposal of the 51% of Worldlink Sports. Such a disposal would provide significant cash injection but reduce the ongoing revenue streams in respect of Worldlink Sports to 10% of net losses only. £'000 Operating Expenses -161.6 Working Capital - Current -126.8 Backlog Creditors -221.9 Accounts, Restructuring and Relisting -195.0 Subtotal -705.3 Fundraising Costs (5% Commission) -25.0 Total Funds Required -730.3 Revenue Income 223.3 Falcon 250.0 Xcap 250.0 Surplus/Contingency -7.0 More financial details are provided in Appendix 1 Timetable Complete Audit and File Accounts 8/11/2012 Complete Revised Prospectus and Relist By 28th December 2012
The revised objectives of the Worldlink Group plc after restructuring and the new business model are to; • Reduce the need to raise further funding • Reduce risk by increasing the number of income streams • Build resilient balance sheet value • Eliminate risk associate with a single point of failure • Focus on good corporate governance and management by eliminating the majority of operational management issues • Increase the probability of business success but separating corporate management from operational management • Write off legacy business creditors Under this business model, Worldlink Group plc will become the recipient of income streams from: • The BetButler partnership • The broking joint venture • Sale of execution only bundles to other finance houses • The US Patent • The UK Patent in respect of Sports Betting and Gaming • The UK Patent in respect of non Sports betting and Gaming • The 25% commission from the City Bet site • Dividend payments from the merged sports betting company (if the JV proceeds) • Dividend payments from the broking joint venture No significant investment by Worldlink Group is required to initiate or maintain these income streams. Assets In terms of assets, Worldlink Group will own • 49% of the broking joint venture • Subject to final negotiation, 49% of the merged operations of BetButler (if a merger between Bet Butler or a sale to others can go ahead) • The UK Patent, rights partially assigned • The US Patent, rights fully assigned • The City Bet brand and business Worldlink Group plc will take on many of the characteristics of a holding company and the staffing and organisation will reflect that. HW Fisher will continue to act as corporate advisors and will additionally provide accounting and financial management services, with a senior partner being invited to attend Board Meetings as an observer. David Venus will continue to provide company secretarial services and Equinity will act as registrar. Osmond and Osmond are retained as corporate lawyers. Hayesmacintyre will remain Auditors. Ian Coburn, who has been a consultant to the company since 2004 has agreed to take on the role of CEO of Worldlink Group plc. The Board Ian is an accountant (FCMA) and holds an MBA from Cranfield and has had 37 years experience in organisations ranging from multinational corporations to fledgling spin outs. Neil Riches will remain available for consultation. Stuart Canwell has joined Worldlink. Funding Requirement Worldlink requires funding to complete the reorganisation of the group and relist. At the same time the Worldlink Sport and Worldlink Brokers companies will be launched but the cash cost of this is not significant.
Thanks.
I am not sure how to post it.....i will try to work it out later today
Can you post SD?
His name does of course appear throughout the information memo.....you would laugh if it were not so serious !
i also hear the Damascus junior exchange is looking for sucker... sorry companies to list...
Please don't tell me this info came from the email address of Mr Riches...? This is an automated response and has been since suspenders! Lol
Excellent thinking.....I will pass your suggestion on.... Excellent thinking