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.
Gambling News :
Games Concept Day in Malta -
The Quickfire Games Concept Day is the second full-day workshop to date, the first being held in Gibraltar in July.
AFC’s fight against match-fixing -
The Asian Football Confederation (AFC) has introduced a new AFC integrity mobile application, which will enable fans, players and officials to report possible suspicious activities or provide information concerning match-fixing or corruption to the AFC Integrity Unit.
$75K Win on Mobile Slot @ CafeCasino -
Café Casino’s mobile slot, Achilles, paid out in a big way over the weekend. A player from Pennsylvania, Rob J., triggered the game’s free spins mode by landing three scatters.
2017 Punta Cana Poker Classic Results -
The 2017 Punta Cana Poker Classic is now in the books and players are returning home after a week-long poker celebration. And after a major final table deal, two players have the most reason to celebrate. Roberto Carvallo ultimately won the tournament after negotiating a final table deal with Jamin Stokes.
NHL Odds: Winnipeg Jets vs. Minnesota Wild -
Blake Wheeler and the Winnipeg Jets will attempt to get two points closer to the Central Division lead on Tuesday, as they take on the Minnesota Wild on the road. The Jets have started strong, and sit in second place in their division. Led by RW Blake Wheeler, the Jets look like a team that could make some noise in the West this season.
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.