Youbet.com Closes Private Placement Financing
The management of Youbet.com Inc. (UBET) said last week that the Woodland Hills, Calif.-based company has closed its $2 million private placement financing.
The terms of the financing include a two-year balloon note that carries a 10 percent financing coupon and a promise that investors will receive warrants to purchase .667 shares per each dollar they invest.
Youbet.com said the money raised from the private placement will give the group more financial flexibility.
Tabcorp Puts Cap on Possible Jupiters Bid
Tabcorp Holdings Ltd. (TAH) said last week that it would not pay more than AU $7 per share for Jupiters Ltd. (JUP).
Tabcorp, which is Australia's largest gambling company, said it would offer between AU $6.50 and AU $7 to take over Jupiters. The AU $7 per share price would put a value of AU $1.4 billion on Jupiters.
UNiTAB Ltd. is also considering a bid for Jupiters.
Magna Entertainment Corp. Symbol Change
Magna Entertainment Corp. will change its trading symbol on the Nasdaq stock exchange to "MECA" from "MIEC" effective Feb. 26. The company's symbol on the Toronto Stock Exchange will be "MEC.A."
Wembley Results March 3
Wembley plc (WMY) will release its preliminary results for the fiscal year ended Dec. 31, 2002, on March 3. Also on March 3, the company will hold a meeting for analysts at 9:30 a.m. at the Merrill Lynch Financial Center in London.
Reports
Magna Entertainment Corp. (MIEC) is reporting losses of 10 cents per share for the fourth quarter and a loss of two cents per share for fiscal 2002. The company also experienced losses of two cents per share in fiscal 2001.
Magna Entertainment Corp. (MIEC) - Yearend Report