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LADBROKES CONFIRMS RIGHTS ISSUE REPORT
10/8/09 - UK online and offline gambling group Ladbrokes plc has confirmed market rumours that it is to seek a rights issue to raise more cash.
In a statement Thursday the British bookie firm confirmed that it will seek to raise GBP 275 million through a discounted rights issue.
The company also revealed third quarter results showing net gaming revenue down 15 percent, compounding lower revenues recorded in the first half of the year (see previous InfoPowa report).
Ladbrokes spokesmen said the company would offer a fully underwritten issue of 301 million new shares at 95p a share, a discount of almost fifty percent on yesterday's closing market price of 181.2p.
The cash raised in the issue will be used to reduce a GBP 962 million debt burden down to a more manageable GBP 687 million and to reinforce the balance sheet with extra capital.
Explaining the weak Q3 results, the company said these were the result of a bad run of losses to football gamblers, in a season where the first 66 Premier League matches saw just four draws.
Poker net revenue over the three-month period underperformed, falling 21 percent, and operating profits slumped badly by 58 percent to GBP 22.4 million.
"The rights issue is something the board has been considering for some time," chief exec Chris Bell told reporters. "Bank lending has been difficult over the last 12 months. It has been a difficult quarter, particularly due to the football results. We have got to take the level of debt down and this puts the right capital structure in place for the future."
On the positive side, Ladbrokes casino and bingo revenues in the third quarter were up 5 percent and 3 percent respectively.
Investors will not be happy with the news that the company intends to pass on a final dividend this year, although it hopes to be better placed to pay an interim in 2010.
GBP 2.6 million savings in staffing and improved operational efficiency have been identified by the company in its e-gaming division, which will be moving to Gibraltar in order to compete from a more favourable tax regime. Further savings of some GBP 3.9 million will arise next year.
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2017 Aussie Millions Event 1 -
The Melbourne-based player bested a field of 1,565 entries - 245 up on last year's equivalent - to end up in the heads up with New Zealnad's Qiang Fu, but not before both he and Qiang had narrowly escaped at the four-handed stage when they were the low stacks.
Swiss Reject idea to Block Gambling Websites -
The Legal Affairs Committee of the Swiss National Council has nixed new regulations which would have blocked access to online gambling sites in Switzerland, according to local media reports Tuesday.
Growth Ahead For Online Gambling -
Transparency Market Research has issued a teaser on its latest international online gambling and betting survey, forecasting that the industry will grow at a Compound Annual Growth Rate (CAGR) of 10.8 percent by 2024.
New Qubit software For SkyBetting -
#qubit Sky Betting & Gaming aims to top its record 50 percent revenue growth last year with new player differentiation software and expertise provided by the Qubit company.
Slotfather II Slot Launching -
#betsoft The first is a sequel to the popular gangster-themed online slot Slotfather, unsurprisingly titled Slotfather II, whilst the other is a new 243 ways-to-win game titled Fa Fa Twins..
Massachusetts Online Lottery Bill -
Flanagan's confidence was clearly boosted by the bill's success in the Senate last year, although it was not developed by the House and ran out of time.
Italy Doing Well With Online Sports betting -
The latest numbers from the Italian regulator show that online sports betting remains king when it comes to internet gambling in the market, generating Euro 391.8 million in turnover in December 2016.
Michigan To Reintroduce Online Gambling Bill -
#Michigan state Sen. Mike Kowell's staff have confirmed that the senator plans to reintroduce his online gambling legalization bill, which failed to make it through the last legislative season.
MGM Buys DC office building For lobbying team -
#MGM Resorts International has bought a new Washington, D.C., office building for its in-house lobbying team, led by former chief counsel to the now retired Nevada Sen. Harry Reid, Ayesha Khanna.
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