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Due to
https://www.investorschronicle.co.uk/comment/2018/12/21/bigblu-s-game-changing-deal/
Exactly - which means IMO far more likely that the company will now go to the wall.
Don't then really understand buying under 2.5 or am I being thick?
:-)
HVO website is more specific:
As of 10th October:
Lansdowne Partners Limited 3,827,771 4.8%
Also , Woodford held 29.3% , Invesco 26.4% , IP2IPO 16.2%
The percentage of the Company’s issued share capital that is not in public hands is 72.3%.
There are no restrictions on the transfer of securities.
This page was last updated on: 10 October 2018
ATLANTIC CITY, N.J.
New Jersey plans to reveal figures on the level of sports betting activity in September that its chief gambling regulator calls stunning.
The state Division of Gaming Enforcement is scheduled to release statistics Friday afternoon on how well sports betting did last month.
Speaking at a gambling industry conference in Nevada this week, division Director David Rebuck called the numbers "stunning" and made clear he meant that in a positive way.
New Jersey won a U.S. Supreme Court decision in May that cleared the way for all 50 states to offer sports betting should they choose.
Since then, its activity has soared, starting at $16.4 million worth of bets in June, and rising to nearly $96 million in August.
https://www.thestate.com/news/business/national-business/article219909080.html
https://www.youtube.com/watch?v=EAfDWeJIiEc&feature=youtu.be
First-half results from Aim-traded BigBlu Broadband (BBB:115p), a fast-growing satellite internet service provider offering an alternative high-speed broadband service, were well flagged in the pre-close trading update which I covered in some detail (‘Big Blu’s expansion on track’, 9 Jul 2018).
The key metrics made for a good read: like-for-like revenue increased by almost 7 per cent; recurring revenue accounted for over 91 per cent of the total; and underlying cash profits surged by more than a third to £2.8m on revenues up a fifth to £25.1m, buoyed by the contribution from acquisitions, and better gross margins too. Operating cash flow of £3.2m caught my eye, and closing net debt of £9.4m is comfortable relative to full-year cash profit forecasts of £6.8m.
The key take for me, though, is that BigBlu’s game-changing sales and marketing agreement with a European retail joint venture (between ViaSat and Eutelsat Communications) is gaining traction. Broadband operations have been launched in Poland, Norway, Spain, Sweden and Finland, and launches are scheduled later this year in Germany and Italy. Under the terms of the agreement, the joint venture provides marketing support, satellite network capacity and customer premise equipment. For its part, BigBlu is providing in-language/in-market sales, installation, billing, customer care and logistics services.
This means that the company can accelerate its organic growth and enter new markets off the back of a fully funded marketing programme. BigBlu is also benefiting indirectly as rival satellite operators are offering better terms in light of its larger distribution capabilities. Of course, there is a fair amount of execution risk here, and there is no guarantee that BigBlu will deliver the organic growth required to lift its customer base by half to 150,000 customers by 2020, and to boost profits. However, the business is certainly moving in the right direction, and the valuation remains attractive.
Numis Securities’ forecasts the company can deliver cash profit of £6.8m for the full-year and £10.1m in 2019, implying that the forward enterprise value to cash profit multiple falls from 12 to 8. That’s not expensive neither is a prospective PE ratio of 14 based on 14 times Numis Securities’ 2019 adjusted EPS estimate of 8p. So, having first advised buying BigBlu's shares at 82.5p ('Blue-sky tech play', 21 Mar 2016), I continue to see upside to my 165p target price. Buy.
Worth noiting the Outlook that was given in the July TU.
Outlook
The Board is confident that the solid performance of the core business and the recently completed acquisitions will continue for the remainder of the current financial year and the outlook therefore remains encouraging. The Company continues to evaluate further complementary acquisition opportunities and technologies as part of its growth strategy and is confident of achieving its previously stated 2020 target of 150,000 customers.
Andrew Walwyn, CEO of BBB commented, "Trading in the period was strong due to continued customer sign up, improving retention rates and increased data demands of existing customers. I believe that we will see further growth in the second half of the year post the fibre disposal and the increased marketing spend in the JV as consumers continue to demand faster and more dynamic broadband services wherever they're located. The first half of the year has been mainly about consolidating our acquired customer bases and integrating systems across our networks. This momentum is expected to continue into the second half, and I look forward to updating shareholders in due course."
Half -year results for the period ending May 31st have still to be announced.
TU in July gave approximate numbers, but exact numbers still to be released.
Half-year results were issued on Aug 31st last year.
Last year they included Post=period highlights and the Outlook going forward.
Need to also remember that %wise their holding went down 0.5% automatically with the issue of the 14M bookbuild shares.
Thus the last RNS issued on 4th July when it stated they held 6.98% on June 27th, would have gone under 6.5% even before they had sold another share.
Although it won't make any difference to the actual amount of shares they hold , it will have brought the time closer to when they go below 5 , 4 and ultimately 3%.
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5:09 AM - 13 Jul 2018