Member Info for KAMEL17

The other aspect of this to bear in mind is that following the delisting of the shares it would be almost impossible to trade your shareholding and in all likelihood you would be unable to dispose of your shares in the intervening period. The business would still provide shareholders with information and ultimately pay out the residual proceeds.

Yes it does seem that there is an appetite at 12.75p and this augurs well for us. The price just before the delisting will be interesting to see. Good luck to all holders

Should have read I'd have thought that taking 1.1/1.225p excess

Perhaps it is just me but I'm amazed at the number of disposals at this level. Given that there is 11p guaranteed in early September and that the balance paid within a year or so, I'd have thought that taking 1.1/1.225p would have been the worst possible option. The likelihood is that the remaining funds to be disbursed will be 2p, 3p or even 4p and this would allow a return of around 100% to 250% on the excess over 11p in a year. Of course there is the chance that nothing would be paid out however given that the current management has already delivered I'd put faith in them completing the job. Good luck to all those who remain

Good luck with your remaining holding and I do wish you well. As far as this board is concerned I'll just leave it to others. I contributed as I saw fit and added to the dialogue and despite swimming against the tide was proven to have had more foresight than others. The comment about gloating is hard to take from a very poor poster with neither brains nor manners and I took the bait having ignored this worthless individual for a prolonged period,. Now his equally dimwitted and ill mannered sidekick chips in too with his own form of gloating. Go figure! Well I see upside in the SP now and it appears again I'm swimming against the tide of the opinion of these two. This is my last post on this site as for the most part there is nothing of any real value to be gleaned and the quotient of people like albus just make it not worthwhile anymore. We post in an entirely different way and from very different perspectives and I do feel that you added something and for that reason you have my best wishes as I say farewell.

More bad news!! OMG how could that happen? Hello! The company is in and of itself only capable of releasing bad news however the possible good news will have to come from an external source.

I think this is not an unreasonable buy. IMHO the true value based upon fundamentals and outlook would be no higher than 60p and possibly less. The business has lost its way, has way too many people and needs to focus. The US dream needs to be parked (and ignored) for now and revenues driven from the existing markets with no further distractions. The current Board are a total waste of space and that includes Ader & Co through their nominees. The window to rescue this business is ever shortening and personally I'd take the chance that there will be material and positive changes by the end of the calendar year. I recall getting into brickbats with all of the posters here who muttered utter nonsense about the future and aspirational SP's. I'm not a fan and everyone on here will know that but sometimes there is money to be made even on really poor performers. The one caveat is would make here is that anyone who expects the current Board to arrest the adverse revenue and earnings trends is utterly deluded. Until there is a change porridge is all you are going to get though and if there is a dollop of jam in it then you'll be very fortunate. Despite all of the above and without any substantive news I'd still expect this to recover a little hover around the low 90's fairly shortly. Best of luck all.

Would you really have expected much else? When is the last time there has been a price uplift that was based upon actual trading improvements rather than newsoof some sort. Porridge is the status quo and is still and improvement on gruel and water.

Afternoon shylock, Given that the intention was to sell the metering business and ride off into the sunset in short order, if I had been the purchasers I'd have been asking for an indemnity that covered all eventualities up to and including the purchase price. Whether the vendor expects claims to be small or not is not the issue really, vendors always do in these situations. The purchasers may well have had an entirely different view and this would surely depend on the terms of the SPA. I too think a run off schedule would be most helpful too and I would have thought this would have been fairly easy to formulate as matters now appear to be quite well progressed and reasonably straightforward.

Is the £2.3m not just the same as the sale proceeds for the metering business? Perhaps the SPA just offered warranties and indemnities up to the same value as the sale price. This does not of course mean that there will be anything like this value claimed under the various warranties and indemnities given.

Good morning all, Wingnutter Which was up was the coathanger? The wider market is recovering after the scares last week and yet Bwin is still falling. I get the feeling that holding at the results may be INTERESTING rather than fun but I'm holding anyway. Best of luck folks

crookman I'd have to agree with you there. Given the market is recovering albeit only slightly it is a bit disconcerting to see a further decline. As has been said many times before this one just defies logic sometimes

I'm having a pop at this too at 86p and given that the markets will hopefully rebound and a return to the mid nineties in short order is probably the most likely outcome without any further news While this stock is not really in favour at present, I'm reasonably comfortable that in the short term that this will do well. Only time will tell if it would be correct to hold at the release of the next set of figures. Good luck folks over the next few weeks.

The resurrection of Bwin and to some extent Party is a difficiult task and I suspect that now the US dream no longer appears lucrative enough, or indeed at all, to mask underperforamnce elsewhere. A strategic review will identify the unprofitable components of the businessand these will have to be jettisoned. The intervention of the activist investor should expedite this process somewhat. The platforms suppoting casino. poker and bingo offerings are now so diluted due to the volume of competition involved that uses pretty much the same software. The poker client is proprietary but is not that good. How much is this worth to a competitor especially if the spectre of a full compliment of products soon to be available from the Pokerstars offerings. The future of the business will be that of a scaled down operation with non core elements farmed out or sold on. Zynga do not require any of the disregards from Party to prosper.

In response to your question This was my take on this two months ago and essentially the position is as it was, albeit Pokerstars have now all but through the back door. Fundamentally this business is not all that profitable now and will become increasingly less so. Is this worth half a billion to a new entrant or a current industry member? Actually i seriously doubt that it is based upon current performance or anticipated future revenues. This would indicate an underlying value of around 60p. There is a 50-60% premium over this at the current time and the recent uplift following the news over possible break up or sale value indicated that there is appetite here. The activist investor will now see getting their money back as winning a watch unless there is some clever contingency plan (if there is though i'm not enthused). The one thing I would say is that Partypoker is a brand that is both trusted and recognised A big player could utilise this legacy and regain market share. For me though the only game in town is Facebook who have the deep pockets and possibly a willingness to enter the market. Without radical action being communicated and delivered within the next 12 months the price still looks on the high side. Good luck

Wingnutter, In relation to your initial question, this would be little more than my interpretation of the current business strategy. The main failing of the current Board is in my view threefold: a) Presiding over a prolonged period of very limited and ineffective marketing. Advertising is the lifeblood of companies in this environment. Ask yourself when you last seen advertising from Party and how does this compare to its peers such as William Hill, 888 or Pokerstars. This failing in the UK is mirrored across all of their markets. This is akin to a bakery cutting overheads by buying less flour. b) The software platform is sub-standard and the stasis in player numbers following the revamp of the poker client illustrates that they are just not offering the right product. This is especially important in both the casino and poker platforms. There are multiple casino operators with essentially the same product with Party Casino not being differentiated in any meaningful way, the player pool is diluted as a result. Even the bingo offerings are simply piggy backed on other operators’ software platforms. Whilst the poker software is markedly better than 888’s product, it is light years behind Pokerstars, Full Tilt and IPoker’s offerings This is especially worrying as it would seem that a new entrant with good software and marketing would stand a reasonable chance of wiping out any chance of profitability. This entrant could be Facebook, Google, Yahoo or any number of other large corporation or indeed Pokerstars through a back door. This would especially be the case in an enlarged US market as it eventually opens up. c) One can only look at the track record in the performance in current markets excluding the US. The only word to describe the performance is appalling. If the current Board cannot manage a smaller business properly why give them a larger business? Whatever your thoughts on strategy though, this industry requires flight of foot and a fluidity of thinking to react quickly to a changing environment. The current Board have demonstrated no entrepreneurial flair and seem bereft of any real ideas. They have had their time and wholesale changes are necessary. That being said, I remain unconvinced as to the motives, credentials or credibility of the alternative offered by Ader and Co. In my view, If I were on the Board, I’d be seeking to both protect and ultimately enhance shareholder value by seeking a partnership or a sale to the likes of Facebook or Google. The only issue here would be how to maximise the price or whether they actually wanted or needed the tie up. Failing this, the plan B would be to launch a review of all of the component parts of the business to ensure that it was a least profitable. Five years of consistent losses should be unacceptable to both the shareholders and the Board alike.

Ok then!. Where to next then shylock? Do you have your eye on anything in particular? I chuckled so hard at the poster on BPTY who said that he did not like AIM companies that offering solar powered torches, peanut butter mining or glassblowing in Zimbabwe. BTW I now see the link in your post. Very drole indeed Enjoy your weekend

crookman & albus I've read with interest both of your comments. I think that the only thing I'd really think is pertinent at present is The SpringOwl investment. Ask yourself this 1) Would the investors invest £50m knowing full well that the events of the last few weeks were more probable than possible.? The only variable was the timescale. 2) In light of the above, do they have an alternative option? One has to suspect that they must have had a contingency. 3) If there is a contingency plan then it'll surely not be too long before it surfaces. The sad fact is though that there is little or nothing to justify a premium over the current SP and it could be argued that is now distinctly overvalued. 4) The investment is now essentially irrecoverable without suffering a big loss. I'm not even sure they could even sell their shares all that easily even at a discounted price. Sometimes in these sort of situations something comes out of left field as was the case with the introduction of Ader and Co. With regards to the prospect of Ader donning the Gorilla suit and beating up the Board. Too little, too late, these guys are bit part players now. If they had any smarts at all, the stockholders would have seen it long before now. I may be entirely wrong here but I just cannot see Boyd or MGM crashing even half of the MC for this as it stands, whereas despite all of the regulatory and legacy issues the likes of Facebook, Twitter or Yahoo may just be tempted to have a go. Good weekend folks

Anything but. Seems like my attempt at humour just missed the mark somewhat.

I hope that the intermediary for Nigeria is not the rather over enthusiastic Prince who sends a plethora of emails to my spam folder. Nah it can't be! He offers 7,000,000%