The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
US activist investor wages £115m on stake in William Hill, fuelling speculation that it could push for sale of bookmaker
By Jamie Nimmo, Financial Mail On Sunday
21:50, 19 Sep 2020 , updated 21:50, 19 Sep 2020
+1
2
shares
0 comments
A US activist investor has wagered £115million on a stake in William Hill, fuelling speculation that it could push for a sale of the British bookmaker.
HG Vora Capital Management, a New York hedge fund founded by Parag Vora, has built a 5.1 per cent stake in the FTSE250 company.
The swoop stoked speculation that HG Vora could push for a sale of William Hill, having done the same at other US casino groups.
In 2018, HG Vora took a 5 per cent stake in Caesars Entertainment, the casino group behind Caesars Palace in Las Vegas, and pushed for the company to explore options including a sale. Less than a year later, it was sold to Eldorado Resorts for £13.6billion.
The enlarged company – renamed Caesars Entertainment – is William Hill's US partner.
News of the stake emerged on the day it was revealed that William Hill's sports betting apps and odds would feature on US cable giant ESPN after it struck a deal with Caesars.
TOP STORIES
SHOWBIZ
COVID19
SPORT
LIVE TOP STORIES
thumbnail
Nadia Sawalha: Loose Women host wells up as she shares sad news 'Totally heartbreaking'
site icon
Daily Express·7hrs ago
See more versions
thumbnail
Alesha Dixon sparks new Britain’s Got Talent controversy by wearing Black Lives Matter necklace – as unrepentant ITV bosses spent £260,000 on newspaper adverts defending Diversity’s BLM inspired routine
site icon
MailOnline·5hrs ago
See more versions
thumbnail
Meghan Markle issues rare public statement after death of Ruth Bader Ginsburg
site icon
Daily Mirror·5hrs ago
See more versions
thumbnail
Alicia Keys says career saved her from 'path of prostitution and drug addiction'
site icon
Daily Mirror·19mins ago
See more versions
thumbnail
Kate and Prince William's snub of Harry's birthday Zoom call fuels fears of feud
site icon
Daily Mirror·6hrs ago
See more versions
thumbnail
'I shift to any shape!' Jameela Jamil says THREE ex-lovers all compared her to a 'memory foam mattress' after they got intimate with her
site icon
MailOnline·5hrs ago
See more versions
thumbnail
Ant McPartlin's ex Lisa Armstrong debuts new hair 'do after dumping his stuff
site icon
Daily Star·3hrs ago
See more versions
Click here to view more
HG Vora previously invested in both Penn National Gaming and Pinnacle Entertainment before they agreed to merge.
UK gambling firms have sought to cash in on a gold rush in the US after it began to legalise sports betting in 2018. So far nearly 20 states have given it the green light.
HG Vora has a 10 per cent stake in Gamesys, the UK-listed owner of Jackpotjoy and other online gambling brands.
HG Vora did not respond to requests for comment
Do you remember the lloyds bank rights issue.read below.Issuing this many shares and raising this much cash has a dramatic effect on the bank's share price and it is important for shareholders to grasp what the changes in market price mean and what their options are.Following last week's shareholder vote in favour of the plan, the Lloyds share price went ex-rights. This means that the market price has been adjusted to take account of the new shares being issued and the lower price at which they are being offered.The result is that Lloyds shares were repriced on Friday and closed at 58.6p.1. TAKE UP THE OFFER IN FULLThe average investor holds 740 shares. With the rights issue offering 1.34 shares at 37p for each existing share, that works out as the right to buy 992 new shares at a total cost of £367.That is the first option and anyone wanting to take up the offer must reply to Lloyds by December 11.2. DO NOTHINGAny investor who does not want to take up the offer can still benefit - by doing nothing. The rights to the new shares have a value called the nil-paid price. This amounts to the market price of the shares minus the cost of buying them. Based on Friday's closing price of 58.6p, those nil paid rights are worth 21.6p each.If you do nothing, the shares available to you will be sold to someone else, but you will be paid for the value of those rights. For the average small investor with an entitlement to 992 shares, that would amount to about £214 at Friday's close.3. CASHLESS TAKE-UP (OR 'TAIL-SWALLOWING'!)Investors can choose to sell some of their entitlement and use the cash raised to take up the rest of the offer, meaning you get to buy some of the new shares without having to spend anything. The exact proportions cannot be determined until the offer closes and the final market value of the rights is known. But again using today's market price we can sketch out the likely numbers.Based on Friday's closing price, selling 626 of the average rights allowance of 992 shares would cover the cost of buying the other 366, which at 58.6p each would also be worth about £214.This same process can be used however big or small your shareholding and the final amounts will depend on the market performance of Lloyds shares between now and the offer deadline.This third option is known as a 'cashless take-up', or in the inimitable jargon of the City, 'tail-swallowing.Today lloyds shares still less than that 37p rights issue price.This could be the same.
IAG's new chief executive Luis Gallego
Shareholders backed IAG's plan to raise €2.75 billion in equity at a virtual meeting that saw the airline group's long-time CEO Willie Walsh hand over to insider Luis Gallego.
Willie Walsh had delayed his March departure from the company he created in 2011 by merging British Airways and Iberia to help navigate the Covid-19 pandemic.
It also owns Aer Lingus and Vueling.
The format of the annual general meeting, with chairman Antonio Vazquez in Madrid, Walsh in London and shareholders watching online, underlined how much has changed.
"It is the worst crisis we have ever faced, far worse than both 9/11 and the financial crash in 2008," Willie Walsh said.
"We are having to re-calibrate everything we do as we anticipate that it will take until at least 2023 or 2024 for passenger demand to recover to 2019 levels," he added.
The damage inflicted on IAG's finances was clear in the second quarter, when it plunged to an operating loss of €1.37 billion from a €960m profit a year earlier.
Walsh has cut costs and increased liquidity, led by the planned rights issue, backed by its biggest shareholder Qatar Airways.
The increase in shares necessary for the capital increase was backed by more than 99% of votes.
The virtual format meant Walsh received none of customary applause from shareholders.
But he said it had been "one hell of a journey", and he was delighted his replacement was a "natural successor", who had shown "world class" leadership at Iberia.
"No one could have imagined the challenge he (Gallego) would face when he took up his new role", Walsh said, but he was confident the Spaniard was "exactly the right man for the job".
Walsh cleared one final hurdle: a non-binding vote on the directors' pay report for 2019, which included his bonus of £883,000.
The resolution received the backing of 71.6% of votes cast.
View this article on rte.ie
logologoMARKETSWATCHLISTCNBC TVMENUTOP STORIESAEROSPACE & DEFENSEEurope’s airline sector is prime for consolidation: Lufthansa CEOPUBLISHED 3 HOURS AGOUPDATED 3 HOURS AGOYolande CheeKEY POINTSAirline industry players have been facing a slowdown in profits on the back of higher costs and global trade wars.Lufthansa is expecting single-digit earnings growth for the year, saying it is optimistic, despite posting a pre-tax loss for the first quarter of 336 million euros ($376 million).Subs: Lufthansa airplanes at waiting position on the first of a two-day strike Frankfurt 161123Lufthansa airplanes at waiting position on the first of a two-day strike at Frankfurt Airport on November 23, 2016 in Frankfurt, Germany.Getty ImagesSEOUL — Europe’s airline industry is ready for consolidation, and Lufthansa expects to be part of the action, the German airline’s CEO told CNBC’s Chery Kang on Sunday.“There is a need and room for more consolidation in Europe. Probably looking at North America somewhat shows how the industry could develop,” Carsten Spohr said during the International Air Transport Association (IATA) AGM in Seoul.ADVERTISEMENTSCROLL TO CONTINUE WITH CONTENTLufthansa has been an active participant in the mergers and acquisitions (M&A) space, with Spohr pointing to previous activity with Swiss Air, Austrian Airlines, and Brussels Airlines.“We have been active on this for many years,” he said. “If there are opportunities, we surely will be ready.”The carrier currently has a bid in for Thomas Cook’s Condor unit, which Lufthansa previously sold its shareholding in to Thomas Cook between 2000 and 2007.At this year’s IATA AGM, industry players have been facing a slowdown in profits on the back of higher costs and global trade wars. Lufthansa is expecting single-digit earnings growth for the year, saying it is optimistic, despite posting a pre-tax loss for the first quarter of 336 million euros ($376 million).“We had a disappointing (first) quarter in Europe, mostly dominated by overcapacity. But with strong booking outlook for the summer, we maintain optimism for the rest of the year.”Meanwhile the carrier has switched its focus to profitability from capacity growth when it comes to its low cost carrier, Eurowings, which Spohr said had been the growth driver for the group.“We made sure we achieved the market position in important markets, and we are now going for profitability which has been somewhat neglected for the past years while we made sure we achieved strategic position
Dont blame poor ****holes for your losses.swallow your losses and carry on.You know what you got into when you bought this ****hole shares.
This is a financial board so I suggest that you make and type financial news not about islam and Saudi and middle east hate.so if you hate them there is probably other places you can visit and post your sad views.you are forgetting that not all Saudis and Muslims are terrorists,even they get caught out in deaths by the terrorists