Tattersall's Raises Price Range Ahead of Float
Due to high demand, Australia's biggest lottery operator, Tattersall's Ltd., is increasing the price range for which institutional investors can purchase shares in the company when it floats on the Australian Stock Exchange on July 7th. The initial range of shares was set between A$2.40 and $2.90, but the range for institutions has now been raised to $2.90 and $3.20. If the shares are bought at the top of the range, the company's offering of 100 million shares (14 percent of the company) would catch $320 million, which would give Tattersall's a market value of $2.2 billion. At $3.20 per share, the stock would be priced at 17.6 times the company's forecasted 2006 net income of $127.5 million. Tattersall's has been privately owned for 120 years.
William Hill Back on Track
William Hill Plc (WMH.L) released a pre-close trading statement today to inform the market that it has enjoyed improved sporting results while maintaining tight control over costs. The company had reported at the end of May that for the 19 weeks ended May 10th gross win had been level with the corresponding period last year while operating expenses had increased by 7.6 percent. Now the company reports that operating expenses have fallen to 4.4 percent while gross win has remained level, even when compared against last year's solid period in which the Euro 2004 yielded such beneficial results. William Hill's share price rose by 2 percent on the news. The company will publish its results for the 26-week period ended June 28th on September 5th.
OPAP Shares For Sale
In an effort to reduce its budget deficit, the Greek Government plans to sell up to 16.44 percent of OPAP SA (OPAPF.PK) between July 13th and 25th through a combined public offering and international offering as well as through a private placement to employees. The sale would reduce the government's shareholding in OPAP from 51 percent to 34 percent.
Reverse Takeover Lists Shares on AIM
Global Gaming Technologies Plc (CGT.L), a cash shell company that is traded on the Alternative Investment Market of the London Stock Exchange, has completed its reverse takeover of Event Data Correlation, a company that uses proprietary technology to exploit trading opportunities in the global online gambling market. The three EDC founders who hold half of its shares—CEO Paul Pullinger, executive director Dominic Johnson, and non-executive director Chris Cleverly, have joined the CGT board while Ron Trenter, previously of Ladbrokes, has joined as non-executive chairman.
Youbet.com Files Shelf Registration
U.S.-based horse race wagering and content provider Youbet.com, Inc. (UBET) has filed a $50 million universal shelf registration statement on Form S-3 with the Securities and Exchange Commission. Once declared effective by the Securities and Exchange Commission, the shelf registration statement would permit Youbet to sell, in one or more public offerings, up to $50 million in aggregate value of common stock, preferred stock, debt securities, stock purchase contracts and units, and warrants, or any combination of the foregoing. Youbet has no immediate plans regarding the offer or sale of such securities.
WPT Auditor Resigns
As WPT Enterprises Inc. (WPTE) announced that it was launching a World Poker Tour-branded real-money online poker site based in Alderney, the company's auditing firm, Deloitte, announced that it was dropping the company as a client because the "involvement in an online gaming venture created audit risks that would require an inordinate investment in time and resources relative to the company's size as a client."
Reports Released
Greece-based lottery technology provider Intralot S.A. has reported a 57.4 percent increase in consolidated revenues to 117.5 million euros for the three-month period ended March 31st, 2005 as compared to the same period last year. Gross profit rose 23.8 percent to 50.5 million euros and EBITDA rose 25.5 percent to 39.3 million euros.
Intralot S.A. - Quarterly Report