George Frangeskides, Chairman at ALBA, explains why the Pilbara Lithium option ‘was too good to miss’. Watch the video here.
Here is the requested article:
Murdoch’s Fox poised to take FanDuel off air in Flutter row
Fox last week launched legal action in New York against Flutter, the operator behind Sky Bet, Paddy Power and Betfair
By
Oliver Gill
10 April 2021 • 8:00pm
Texas Rangers play the Toronto Blue Jays.
Crowds are returning to North American sport. The industry is opening up to gambling, too. CREDIT: Jeffrey McWhorter/AP
Rupert Murdoch is primed to impose an advertising blackout of America’s most popular sports betting brand if its British owner refuses to back down in a bitter legal row.
FanDuel, which is owned by FTSE 100 bookmaker Flutter Entertainment, risks being taken off the air by FoxSports, America’s second-biggest sports television network, The Sunday Telegraph has learnt.
The threat comes at a time when advertising is playing a key role in allowing operators to grab a toehold in what is expected to be the world’s biggest regulated market.
If followed through, it would mark a significant escalation of a row that erupted last week between Fox Corporation and Flutter.
Fox last week launched legal action in New York against Flutter, the operator behind Sky Bet, Paddy Power and Betfair, in a row over FanDuel, which has a 40pc share of the US market.
Fox has an option to buy an 18.6pc stake in FanDuel in July. It claims it is entitled to pay the same price that Flutter paid in December, when the London-listed operator acquired the shares of FanDuel that it did not own at the time.
But Flutter claims it must pay the “fair market value” in July and has alleged that Fox is trying to secure a “windfall” by buying the shares at a lower price.
One insider said that Fox’s preference was to resolve the dispute. However, if it could not be resolved, Fox would focus on advertising its own brand, FoxBet, instead of promoting FanDuel. Sources close to Flutter claimed that Fox had realised it has backed the wrong horse. Fox and Flutter declined to comment.
The link to the requested info is here:
https://www.reuters.com/article/idUSKBN2BU0X4
but there is no more details than was copied by Khunter:
"...London-listed shares in Flutter were down 1.6% at 155 pounds at 0830 GMT, having earlier traded as low as 151.25.
Separately, a bookrunner said a Flutter shareholder was selling about 2.3 mln shares at a 2.8% discount to Tuesday’s close, or 153.50 pounds per share.
Reporting by Graham Fahy; editing by Jason Neely, Kirsten Donovan..."
No other press seems to have any handle on this either, nor any RNS announcement.
Hi Fallingknife1,
Thanks for your reply.
I bought the shares in March when the SARS-COV-2 virus first arrived on this shore.
Yes, the public evidence you provided speaks loudly of their intention, but because you mentioned that "... been to their presentations and met Liz and Paul too", you might had gleaned private or personal information about the couples that informed your impression.
Another odd thing is in that in their account presentation, they are emphasising each item "... before share-based payments...", which is only typical of start-up technology companies pending listing or newly listed, thus giving a more upbeat picture than a traditional presentation.
I'll continue to keep a close watch of the RNS from this company.
You've a good day.
Hello Fallingknife1,
I share your sentiment and others too that the persistent insider selling at the first opportunity is a red flag to investors, notwithstanding regular pronouncement of positive outlook by the company.
I find that a really odd state of affairs.
Can I ask Fallingkhnife1: do you have any specific information that make you formed the impression that
“… no matter how TSTL will perform afterwards Paul and Liz are wedded to selling options on the first possible occasion.”?
Thanks.
Hello, can Intrepid or anyone else please post the link to the offer docs that he mentioned below that detailed the break clause 4.1?
Thanks a lot.
................................................................
Gem hidden in the Caesar offer docs Sun 14:18
Dear all
So, as suspected, there is a ‘Hell or high water’ clause in the offer docs.
Clause 4.1 of the ‘commitment letter’ states that Caesars will do everything in their power to complete the deal and should they fail for any reason, they have to pay WMH £275m. That’s nearly 10% of the deal value, which is extremely generous. Seems WHM has a fabulous backstop. Well negotiated, I say!
All the best
Intrepid.
There are two bidders declaring their hands so far...
William Hill PLC Response to speculation regarding William Hill plc
25/09/2020 1:08pm
UK Regulatory (RNS & others)
William Hill (LSE:WMH)
Intraday Stock Chart
Friday 25 September 2020
Click Here for more William Hill Charts.
TIDMWMH
RNS Number : 1803A
William Hill PLC
25 September 2020
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION (IN WHOLE OR IN PART), DIRECTLY OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION
THIS IS AN ANNOUNCEMENT FALLING UNDER RULE 2.4 OF THE CITY CODE ON TAKEOVERS AND MERGERS (THE "CODE") AND DOES NOT CONSTITUTE AN ANNOUNCEMENT OF A FIRM INTENTION TO MAKE AN OFFER UNDER RULE 2.7 OF THE CODE. THERE CAN BE NO CERTAINTY THAT ANY OFFER WILL BE MADE, NOR AS TO THE TERMS ON WHICH ANY FIRM OFFER MIGHT BE MADE
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
FOR IMMEDIATE RELEASE
25 September 2020
William Hill plc
Response to speculation regarding William Hill plc
The Board of William Hill plc ("William Hill") notes the recent press speculation regarding a possible offer for William Hill. It confirms that it has received separate cash proposals from Apollo Management International LLP (together with Apollo Global Management, Inc. and its other subsidiaries, "Apollo") and Caesars Entertainment, Inc. ("Caesars").
Following an initial written proposal from Apollo on 27 August 2020, William Hill received a further proposal from Apollo and proposals from Caesars.
Discussions between William Hill and the respective parties are ongoing. There can be no certainty that any offer for William Hill will be made, nor as to the terms on which any offer might be made.
In accordance with Rule 2.6(a) of the Code, each of Apollo and Caesars are required, by not later than 5.00 p.m. (London time) on 23 October 2020 (being 28 days after today's date), to either announce a firm intention to make an offer for William Hill in accordance with Rule 2.7 of the Code or announce that they do not intend to make an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. This deadline may be extended with the consent of the Panel on Takeovers and Mergers (the "Panel") in accordance with Rule 2.6(c) of the Code.
This statement is being made by William Hill without the prior agreement or approval of Apollo or Caesars.
A further announcement will be made if and when appropriate.
AfF2018, I wouldn't hold it against you, as long as drinks are on you tonight before 10pm pub closing?
Bloomberg news:
Breaking News
Bookmaker William Hill Approached by Apollo Management for a Takeover
Bloomberg News
25 September 2020, 12:43 BST
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APO
APOLLO GLOBAL MA
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240.00GBp+22.40+10.29%
Apollo Global Management Inc. is exploring a potential acquisition of U.K. gambling group William Hill Plc, people familiar with the matter tell Bloomberg News.
The buyout firm has approached William Hill to discuss a potential deal, the people said, asking not to be identified because the information is private. Shares of the bookmaker have risen 19% in London trading this year, giving the company a market value of about 2.4 billion pounds ($3 billion).
Hi AF2018, here is the RNS link:
https://www.lse.co.uk/rns/WMH/holdings-in-company-6284p9u3tx3m241.html
Thank you AF2018 for the link:
https://www.gamingtoday.com/industry/News/article/92102-Caesars_CEO_Reeg_encouraged_by_numbers
The last part of the comments by Reeg intrigues me:
With William Hill taking over Caesars’ sportsbooks, Reeg said he was excited about the partnership and expected $600 to $700 million in revenue in 2021 including Caesars’ iGaming portfolio.
“It’s similar to others out there, but the difference is we’re making money,” Reeg said.
Without providing details, he said there would be an announcement in the sports betting realm by the end of the year. He said it will be part of a comprehensive strategy on how to prosecute the sports opportunity.
“This is the biggest growth opportunity I have seen since riverboats were being legalized in the early 1990s,” he said. “We’re looking for what’s the best path operationally for running the business and what makes the best sense for our shareholders. The marriage of that is what we’re hoping to be able to announce by the end of the year.”
Are people thinking what I'm thinking?
Do you think Reeg threw in the word "marriage" with sublimely resonant?
Stay safe all.