No Deposit Bonus : SlotsLv casino currently is offering everyone a $22 no deposit bonus. New Players Only. Fully Cashable. USA and Canadian Players are welcome. Please see our SlotsLv review page for the no deposit bonus info. SlotsLv Review
Best USA Casino Bonus
Big Casino Bonus : All USA Players Welcome: Bovada Casino the #1 USA Online Casino offering all new signups a $3000 table game and slots bonus + weekly cash back. All new accounts qualify thru our link. No codes needed. For full bonus information please see our Bovada Bonus review.
Placing of Playtech shares to raise GBP 100 million
Sunday November 27,2011 : SHAREHOLDERS MAY GIVE PLAYTECH A ROUGH RIDE ON GBP 100 MILL PLACING (Update)
Billionaire businessman Sagi stands to benefit substantially, says analyst.
The successful placing of Playtech shares to raise GBP 100 million in additional capital for acquisitions could come under fire from shareholders, opined the business editor of the Telegraph on Sunday.
The newspaper reported extensively on the recommendation of leading City analyst Ivor Jones of Numis Securities that shareholders vote down the agreement, which would give billionaire founder Teddy Sagi more control in the company.
Playtech needs the money to fund "acquisition opportunities" of up to GBP 40 million and "new joint ventures", using the marketing expertise of PT Turnkey Services (PTTS), which the company bought from Sagi last year for up to Euro 280 million, including a Euro 140 million earn-out.
Institutional shareholders committed to GBP 39 million of the placing, with Sagi putting up the rest after his Brickington investment vehicle underwrote the fundraising, thus increasing his hold in the company to 43.7 percent.
But the placing is subject to the approval of more than 50 percent of shareholders, Numis is advising against it...and due to his involvement Sagi apparently cannot vote his shares.
The situation makes for keen interest in the vote, which will be taken at an extraordinary meeting of the company on the Isle of Man on December 19.
The investors have been offered a sweetener in Playtech's plan to reinstate a dividend – something it deferred at August's half-year results – paying a higher level of 40 percent of profits.
That has raised another question, with Jones asking why the company is reinstating dividend payments, given the apparent need for new capital, and estimating that the cost of the dividend would result in a payout of more than GBP 40 million in the first half of next year.
Sagi could prosper handsomely from such a dividend, Jones observed: "It does, of course, suit the principal shareholder, which having subscribed for 61 percent of the new equity, will get the 2011 interim and full year dividends combined within just a few months."
The analyst was also perturbed at the lack of shareholder information on the acquisitions for which Playtech raised the capital, pointing out that this could boost share prices that are currently at a "multi-year low."
Jones suggests that Playtech defer the PTTS earnout payment to Sagi, asking whether it was "appropriate for Playtech to pay at least Euro 140 million to the principal shareholder to buy PTTS....and then have the same shareholder buy shares in Playtech – its value in theory enhanced by the acquisition of PTTS – on a five times ebitda multiple".
The Telegraph reports that Sagi has taken more than GBP 500 million cash out of Playtech since he floated it in 2006. The company is currently valued at GBP 552 million.
Asked for comment, Playtech chairman Roger Withers referred questions to his PR adviser maintaining "that is the professional way to deal with it".
A spokesman said: "The deals are on the table now. We talked about raising debt but concluded that equity was cheaper. Some of our shareholders are income funds and we listened to them over the dividend".
James Hollins of Evolution was more supportive of Playtech, telling the Telegraph that the placing is short-term dilutive, but that the investments will ultimately prove to be enhancing.
The market appeared content with the placing - Playtech shares rose 12.25 to 227.75p.
Limited time offer for all our Readers. All Countries. A brand new No Deposit Bonus. No Max Cashout. Claim It Here.
Mybet Earnings Struggle -
The statement this week reveals that Mybet continued to be hampered by negative trends from historic quarters, making its original performance estimate "unrealistic".
Tom Horn Awarded Malta Gaming License -
Online gambling software provider Tom Horn Gaming has been awarded a Malta Gaming Authority license that permits the company to host and manage Malta-based gaming operators.
Calvin Ayre invests in new Antigua Business Center -
Ayre joined with government officials this week in a ground-breaking ceremony for a five-story centre on Antigua which will be home for the venture. The "green" building will be solar powered and provide employee-friendly services like catering, a gym and child care.
Attack of the Zombies Slot -
Online gambling games developer Genesis Gaming has unveiled its latest game, with a theme based on a horror story of the undead, exploiting the current trend....and just in time for Halloween.
Why is FullFlush Poker Still Down -
Its now almost a month since Full Flush Poker went offline "for a platform upgrade" and stopped communicating with its reportedly many unpaid and unhappy players. All trace of the operator - and means to communicate with it - have vanished.
Time Running Our For Pennsylvanian online gambling -
Hopes that this week would see the Pennsylvanian Senate voting on an online gambling and DFS legalization bill already passed by the House four months ago dwindled Wednesday when no progress was made and the legislatures season officially closed.
Yggdrasil Gaming Expanding -
The Swedish online gambling games developer Yggdrasil Gaming is to establish a new parent company and expand its Stockholm office as it bolsters its presence in Sweden with a raft of new hires.
FanDuel and DraftKings Settle With NY Attorney General -
Speculation earlier this week that daily fantasy sports market leaders FanDuel and DraftKings were about to agree a settlement on consumer fraud suits prepared by the New York AG was confirmed Tuesday when a $12 million settlement was announced.
Stan james Now Live With EPOS -
The company switched to the Optima server less system across its entire estate in July after previously using Optima EPOS technology. The switch was completed early this (October) month and has already delivered noteworthy savings for the company.
Please Note : Gambing might not be legal in your area. We bring you www.recentpoker.com as an information and gambling news site only. We hope that you find all the information and gambling news found in www.recentpoker.com to your liking. Please tell your friends about us and visit us again soon.