Time's Almost Up on Will Hill Float
Investors willing to take a gamble on William Hill's initial public offering have until Friday to purchase stock in one of England's largest bookmakers.
Schroder Salomon Smith Barney, who is managing the float, said the offer is 3.5 times oversubscribed at the end of the day Friday. A spokesman for the investment group said the stock has been well received among investors because of its 4 percent yield, positive cash flow and growth prospects.
"The offer's going better than expected, and we have no feedback whatsoever suggesting any concerns on the part of investors," the spokesman said.
William Hill expects to raise about £1 billion from the float. Private investors are able to invest £1,000 or more for a stake in the company. The float ends June 14.
Damion Larkin, a stockbroker with The Share Centre, said the shares are cheaper than those of Stanley Leisure (SLY), William Hill's competition, because the price was cut to reflect a weakening market. He said the offer appears to be a good investment.
"Other factors which point to this being a promising investment include the group's recent and long-term performance--and the fact that the offer has a good chance of attracting institutional investors," he said.
Bentley Signs LOI to Acquire Gibraltar Clearing Inc.
Bentley Communications (BTLY.OB) has signed a letter of intent for its wholly owned subsidiary, Kyrenia Acquisition Corp., to acquire Gibraltar Clearing Inc.
Bentley's press release says another of its wholly owned subsidiaries is in negotiations to secure online gambling licenses with several California-based American Indian tribes that are involved in the gambling industry.
Bentley will acquire Gibraltar in exchange for stock and "other valuable consideration," the company said. After the purchase, Kyrenia will change its name to Gibraltar Clearing Inc. Gibraltar Clearing, which will be publicly traded and fully reporting, will focus on e-business solutions for the securities and brokerage industry.
Increase in Lottomatica Revenue
Lottomatica, the company that operates Italy's national lottery, is reporting revenue of 591 million euros from the national lottery for May, 3.5 percent higher than May last year.
National lottery wins for May were 378 million euros, an increase of 8.6 percent from April.
CyptoLogic Shares Skim Low End of Year's Range
Shares of CryptoLogic closed close to the low end of the software provider's 52-week range on Friday.
The Toronto-based company closed on Friday at $9.78, 18 cents higher than the company's yearlong low point of $9.60. The high point in the company's year range is $30.23.
On Monday, the stock experienced a midday range of $9.12 to $9.86. CryptoLogic released a statement on May 31 concerning its investment in and long-term licensing agreement with Sports.com, which is under administration. Crypto said the investment may be impaired.