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Party to be floated on London stock exchange for £5bn
It's official - Party will float their shares on the LSE and they are expected to be valued at £5bn, making it the largest float in four years. It should also mean they will go straight into the FTSE100.
BBC story |
#2
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Re: Party to be floated on London stock exchange for £5bn
Its principal online game, PartyPoker, has regularly been attracting 65,000 players at peak times.
Knowledgeable author. |
#3
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Re: Party to be floated on London stock exchange for £5bn
[ QUOTE ]
Just under 25% of the shares made available will be sold by its directors and founding shareholders, which include Coral Ventures [/ QUOTE ] Rakeback at eurobet safe then? [img]/images/graemlins/smile.gif[/img] So anyone going to buy some shares in these 2? I was seriously considering putting a couple of grand into party but they seem to be making so many bizzare decisions at the moment I'm not sure now. |
#4
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Re: Party to be floated on London stock exchange for £5bn
Would it be legal for US citizens to own this stock?
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#5
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Reuters News
LONDON (Dow Jones)--Shuffle up and deal.
Partygaming PLC, one of the world's largest online gaming companies, Thursday announced plans for an initial public offering on the London Stock Exchange that could value the company at more than $10 billion, according to analysts. The estimated market capitalization of Partygaming is based on a comparison with sportingbet.com (SBT.LN), an AIM-listed peer which trades at around 30-times last year's earnings, excluding its recent acquisition of another online gaming company. Partygaming, whose shares are expected to begin trading at the end of June, could rank in the top-half of the FTSE-100 by size, but couldn't officially be included in the FTSE-100 until September when the FTSE committee meets to reexamine the index constituents. In addition to market value, there are additional criteria to being included in the FTSE-100 such as trading volume. Partygaming owns and operates the world's largest online poker brand, Partypoker, and says it regularly has 70,000 players simultaneously gambling online. The Gilbraltar-based company has a 55% market share of the global online gaming business, said Richard Segal, Partygaming chief executive. Partygaming's principal revenue stream comes from online poker which in 2004 accounted for approximately 92%, or $553 million, of its revenue. Its bingo and casino units generated $48.6 million in revenue last year. Partygaming posted net profit of $350.1 million in 2004 and revenues of $601.6 million. In 2003 the company recorded net profit of $83.6 million, and $4.7 million in 2002. In the first quarter of 2005 net profit was $117.4 million and revenues were $222.6 million. "A float will help to facilitate our strategy of expanding internationally, increasing our range of products, and funding merger and acquisitions activity," said Segal. Twenty-three percent of the company's share capital will be sold by management, founders and employees, and is expected to be traded in free float. A additional 5.6% of the company will be put into a dedicated trust for the benefit of current and future employees. Current employees will be given zero-cost share options worth 64% of the trust, which will vest over a 4-to-5 year period. In addition to Segal, who will retain 1% following the offering, Partygaming's management team is led by non-executive Chairman Michael Jackson, who is also chairman of the FTSE-100 software company Sage Group PLC (SGE.LN). The company's four founders are Ruth Parasol and Russ DeLeon, Anurag Dikshit and Vikrant Bhargava. Dikshit is the largest single shareholder controlling about 40% of the company. PartyGaming employs 1,100 people, most of whom are based in Hyderabad, India, the site of its back office and software development units. As of the end of March the company had 1 million registered real money players of which it considers 400,000 to be active players. The company said that in 2004 over 1 billion hands of poker were played at its online site. The largest pay out to date was $1.5 million during a pre-Easter tournament, which had a total prize pool of $7.4 million. Gibraltar is the home to several online gaming companies while the majority of players are American. An estimated 80% of online poker players are based in the U.S., and there are various pieces of proposed legislation in the U.S. Congress aiming to regulate the industry. Partygaming doesn't currently offer sports betting, and said it wanted to list its shares in London because of what Segal characterized as a more sympathetic climate for online gambling that in the U.S. Partygaming will only be targeting U.K. and European institutions on its roadshows, said Segal. Dresdner Kleinwort Wasserstein is acting as sponsor and global bookrunner for the offer. Company Web site: http://www.partygaming.com By Corey Boles of Dow Jones Newswires; +44 20 7842 9254; corey.boles@dowjones.com |
#6
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Re: Party to be floated on London stock exchange for £5bn
I won't buy any, as I am fairly certain that they will float for near their all time peak value.
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#7
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Re: Reuters News
OMFG
The Chairman is named Micheal Jackson and the Operations Director is Anurag Dikshit. I swear you can't make this stuff up! |
#8
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Re: Party to be floated on London stock exchange for £5bn
Yeah but didn't the company that bought paradise shares triple? Maybe happen here. I dunno, the only shares I ever bought were Ultimate software about 2 months before they went bankrupt.
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#9
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Re: Reuters News
Wow, Dikshit, what a name [img]/images/graemlins/shocked.gif[/img] Up until I saw his name in the article, I thought people were taking his name in vain in their posts.
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#10
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Re: Party to be floated on London stock exchange for £5bn
Yes, you can own it. It will be traded on the London Stock Exchange. You will have to place a special order thru your broker.
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