Skip to main content

Centrebet make a bid for IAS

Mark Read has been trying to sell IAS for a while, but asking a ridiculous price. This sounds a bit more like it, although I'm not sure exactly what Centrebet will gain from it. I doubt there'd be too many punters betting at IAS that don't already have Centrebet accts.

Read the SMH article here

I worked for IAS in 98-99 and still have some shares left after they floated during that time. They're worth about 10% of what I paid for them, now I'll be able to cash in and buy three cases of beer, hooray!

FURTHER UPDATE

Online gaming group International All Sports gained 11c, or 68.75 per cent, to 27c after rival Centrebet made a takeover bid for it at a minimum $18.59 million and up to $29.91 million. Centrebet last traded at $1.34.

204,000 shares traded today, with a low of 26.5 cents. Price opened significantly higher, as usually happens with takeover bids.

Rumours abound that the board will resist the hostile takeover.

FEB 3 UPDATE

From The Australian newspaper

"Centrebet (CIL) $1.34 International All- Sports (IAS) 27c IN late 2007, IAS assured investors a "phalanx of local and international" players were clamouring to acquire the corporate bookmaker after putting itself up for auction.

Instead, IAS has been left with Centrebet's $29 million hostile play, dubbed inadequate and a "flagrant breach" of a standstill agreement relating to earlier failed discussions. IAS, which refused Centrebet's request to lift the deed, will now "vigorously defend" its position before the Takeovers Panel, which can consent to void the agreement."


And a funny, yet very true assessment further into the article..

"Centrebet's offer is conditional on 50.1 per cent acceptance. Centrebet really wants 100 per cent control -- the offer prices rises to 33c if the compulsory acquisition threshold is breached -- but will have to deal with Read and his 27 per cent stake. Centrebet itself has a dominant holder in founder Con Kafataris, so we would hate to think the failure to do a friendly deal stems from having two egos in a small room."

You won't find many better egos in bookmaking than those two....

Comments

Popular posts from this blog

lay the field - my favourite racing strategy

Dabbling with laying the field in-running at various prices today, not just one price, but several in the same race. Got several matched in the previous race at Brighton, then this race came along at Nottingham. Such a long straight at Nottingham makes punters often over-react and think the finish line is closer than it actually is. As you can see by the number of bets matched, there was plenty of volatility in this in-play market. It's rare you'll get a complete wipe-out with one horse getting matched at all levels, but it can happen, so don't give yourself too much risk...

The Melbourne Cup preview 2019

We're back again for the greatest race on turf, the world's richest staying race and the only race in the world which creates a public holiday for millions of locals.




Once again a fine international field has been assembled and it's worth a deep look at the race. So get a cuppa and find a comfortable seat to plough your way through my preview!

--------------------------------

The Lexus Melbourne Cup
Group 1, Handicap, 3200m
AUD 7,750,000
Flemington 1500 local, 0400 GMT
Broadcasters - Network 10 (AUS), Racing.com (worldwide), SkySportsRacing (UK)


1. Cross Counter
Trainer - Charlie Appleby (one previous Cup win)
Jockey - William Buick
Breeding - Teofilo - Waitress
Drawn 5, Weight 57.5kg

Last year's impressive winner who doesn't get the 3yo weight advantage this time. Won first up at Meydan in March but has run fourth, third, fourth in the big set weights staying races in England and Ireland, never quite making it as the next big staying star. While running close behind Stradivar…

hope for investors in the Centaur scandal?

In a breaking story, it has been reported that directors of the failed sports investment fund Centaur have had their assets frozen in order to repay investors. It is believed that managing director Keith Sobey skipped town trying to avoid prosecution however he either naively thought Ireland was a safe enough place to hide or had a lingering feeling of guilt and sat waiting for that knock on the door.

Sobey, the name behind Centaur (read the original story here), is believed to own four houses, worth more in total than the missing £1.6m. His willingness to sell them to repay investors is likely to keep the matter out of the courts, and at least one other director, Andrew Cork, will apparently follow suit.

All this adds weight to anecdotal evidence that the collapse of the fund came down to mismanagement rather than fraudulent deeds. As costs grew (why would you set up a training academy in central London?), margins evaporated and keeping the business afloat went through money like a…