Neteller Founders Raise £86 million
Corvina International and Alberta, two of the founders and biggest shareholders in online payment processor NETeller Plc (NLR.L), have sold large portions of their holdings after being granted an early release from the lock-in period after NETeller's float on the Alternative Investment Market in April 2004. Corvina and Alberta raised £86 million by selling 30.6 million shares at 280p, and their holdings have fallen from 75.4 percent to 49.9 percent as a result. NETeller explained that the sale was made to meet strong institutional demand. The company's shares rose from their initial price of 200p during the float in April to a high of 352p in early November before slipping slightly.
Bid Placed For Ukbetting?
The market is buzzing with rumors that Ukbetting Plc (UKB.L) has received an informal bid of £55 million, which values the company at 62p per share. Having been valued as high as 75p within the last year but currently trading at 43.25p, the company is believed to have rejected the bid for underestimating the value of the company. The company is seemingly at a low point after managing director Trevor Beaumont resigned, but many analysts believe the current lull in performance is an excellent opportunity to invest in a company that probably has nowhere to go but up.
Viewing Stats for At The Races
British horse racing television network At The Races announced last week that its average daily viewers are now over 200,000, and viewers peaked at 370,000 one day during the month of October. According to Matthew Imi, chief executive of At The Races, "The viewing figures we are enjoying are hugely pleasing and are almost back to the levels they were at in the first quarter of 2004. Not only will these numbers help drive telephone and Internet betting turnover which directly benefits our U.K. and Irish racecourse partners but it also means we have become very attractive to advertisers and sponsors as a high-quality racing channel with a very specific demographic." The channel also announced that it has contributed payment of over £500,000 to its racecourse partners since its re-launch in June.
Reports Released
U.K.-based I-gaming software company World Gaming Plc (WGMGY.OTC) has released its financial results for the third quarter of 2004 ended Sept. 30, revealing net profit of US$1.15 million for the quarter, compared to a loss of $181,000 during the same quarter last year. Revenues are up 43 percent from $2.82 million to $4.04 million compared to last year, due mostly to increased licensee wagering volumes of 97 percent and higher net win by licensees. At the company's annual general meeting in October, the board laid out three strategies that it plans to execute over the next year: licensing software specifically to operators or providing turnkey solutions to businesses not necessarily involved in gaming, but that are considering entering the gaming market with a substantial database; operating in specific niche markets for gaming and gaming-related services; and acquiring gaming-related businesses, possibly including gaming operators or other e-commerce-related businesses.
World Gaming Plc - Third Quarter Report
CES Software Plc (FUN.TO) posted a pretax loss of £598,000 for the third quarter of 2004, compared to a loss of £81,000 over the same period last year. The company brought its revenue up to £484,000 for the third quarter of 2004--compared to nil in the third quarter of 2003--bringing the yearly total up to £496,000. The SkillJam business, purchased by CES in August, is so far responsible for 95.6 percent of the company's yearly revenue to date.
CES Software Plc - Third Quarter Report