Anyone holding these? Evil K drove the price right down and now they seem to be recovering---are they worth considering now they seem to have sorted out their finances?

StockMarketWire.com
Sportingbet plc raised its interim dividend 20% to 0.6p a share after reporting strong Q4 growth in Australia, Emerging Markets and Turkey.

EBITDA for the six months to January 31 was 25.8m, up 10.7% from 23.3m.

Amounts wagered in the period rose to 1,069.2m from 965.5m. Net revenue increased to 107.9m from 101.2m.

Adjusted diluted EPS was 3.7p against 3.4p for the previous first-half.

Profit before tax was up 20% at 19.6m from 16.3m.

During the first quarter, $15m was paid to the US authorities as the first instalment due under the non-prosecution agreement.

CEO Andrew McIver said, 'Strong growth in Australia, Emerging Markets and Turkey more than offset the recessionary weakness of Europe, particularly notable in our larger markets of Greece and Spain. Once again this demonstrates the attractiveness of a geographically diverse operation.'

Fourth-quarter EBITDA increased from 13.6m to 14.5m, despite European sports margins being below the long-term average.

McIver said the group continued to monitor regulatory developments closely and looked forward to taking full advantage of opportunities.

The third quarter had started well and the group had seen a rebound in the softer European margin experienced in the second quarter.

Any thoughts?

Sportingbet Plc

Acquisition discussions with Centrebet

Sportingbet Plc announces that it is in advanced discussions with Centrebet International Limited ("Centrebet"), a company listed on the Australian Securities Exchange, which may or may not lead to a recommended acquisition by Sportingbet of all of the outstanding ordinary shares and performance rights of Centrebet (each a "Security"), at or around A$2 per Security in cash.

StockMarketWire.com
Sportingbet, which has unveiled plans to acquire Centrebet, said results for the quarter ending April 30 2011 were little changed overall from the comparable period in 2010.

The amounts wagered were 507.3m., down from 520.8m. in the same quarter last year. But EBITDA increased to 16.1m. from 14.9m.

Mobile phone actives were up 44% during the quarter and there was a growth of 14% from "in-play" revenue.

looks solid enough to me hence the slight loss on nothing much really as usual

have noted a lot of stop losses taken out again

the wise would already be short of this one and i see no reason why anyone would want to pile in

indeed - not piling in here currently just keeping an eye on the ever changing situation in this sector

still 42p placing does tend to underpin these levels - only way should be mainly north now

Result of Firm Placing and Placing and Open Offer
On 26 May 2011, Sportingbet announced a recommended proposal by the Sportingbet Group to acquire the entire issued and to be issued share capital of Centrebet and a share issue and convertible bond issue to raise gross proceeds of approximately 130 million (approximately 118.5 million net of expenses) through the issue of 154,761,904 new Ordinary Shares by way of a Firm Placing and Placing and Open Offer at a price of 42 pence per New Share and the issue of 65 million in nominal value of Convertible Bonds. The Firm Placing and Placing and Open Offer is conditional, amongst other things, on the approval of Shareholders.

The Open Offer closed at 11.00 a.m. on 13 June 2011. Under the Open Offer, valid acceptances have been received from Qualifying Shareholders in respect of 29,829,956 Open Offer Shares in aggregate, representing approximately 39.32 per cent. of the Open Offer Shares offered pursuant to the Open Offer. As a consequence, 46,037,227 Open Offer Shares were available for subscription under the Excess Application Facility. Valid applications under the Express Application Facility have been received in respect of 9,457,129 Excess Shares. The 78,894,721 Firm Placing Shares were not offered to Qualifying Shareholders under the Open Offer.

Shareholder approval to, inter alia, effect the Firm Placing and Placing and Open Offer and the Convertible Bond Issue was obtained at the General Meeting held at 11.00 a.m. yesterday at the offices of the Company at 4th Floor, 45 Moorfields, London EC2Y 9AE.

Application will be made for the admission of 154,761,904 New Shares to the premium listing segment of the Official List of the UK Listing Authority and to trading on the London Stock Exchange's market for listed securities. It is expected that admission and commencement of dealings in the New Shares will become effective at 8.00 a.m. on 16 June 2011.

Statement by the Board of Sportingbet regarding recent press speculation
Further to recent press speculation, the Board of Sportingbet announces that it has received a highly preliminary approach from Ladbrokes plc ("Ladbrokes" or the "Offeror"), which may or may not lead to an offer being made to purchase the entire issued and to be issued share capital of the Company. There can be no certainty that any offer will be forthcoming or as to the terms of any such offer.

In accordance with Rule 2.10 of the City Code on Takeovers and Mergers (the "Code"), Sportingbet has 660,543,128 ordinary shares of 0.1p pence each in issue. The International Securities Identification Number ("ISIN") for Sportingbet is GB0009516252.

A further announcement will be made in due course.

I wonder what they'd accept in these market conditions compared to where the sp is likely to be in a couple of years time.

EVo Securities note:In any takeover situation there are two questions that need to be addressed; (1) is the acquisition consistent with strategy and (2) what is the price? We think the mooted deal (1) firmly fits with Ladbrokes desire to expand its international online opportunities and (2) a bid value of 80-90p/share is a suitable valuation for both sides.

Our view: sound strategic sense for Ladbrokes
We think that a deal makes sound strategic sense for Ladbrokes as it would instantaneously establish a market-leading position in more than 10 global territories, including the key Australian, Spanish and Greek markets.
Ladbrokes is highly UK-centric and does not have the brands to penetrate internationally. Sportingbet, via its eponymous brand and Spanish-facing miapuesta marque, has considerable brand value and a leading trading/risk management team that would both complement Ladbrokes trading division and drive cost synergies.
Value: 80-90p/share for Sportingbet
As always, the key to a good deal on both sides is valuation. Ladbrokes needs to decide what value to put on Sportingbets existing operations that are c33% white (fully regulated) on pro-forma post-Centrebet completion earnings.
In our Sportingbet note of 10 days ago (Hop, 13 June 2011, see attached) we raised our target price on Sportingbet from 70p to 75p based on a higher proportion of regulated earnings and increased earnings from the Centrebet deal.
Given we are still some way from full Spanish and Greek regulation (>6 months and >12 months respectively) and that the Centrebet acquisition (119m deal) is not expected to complete until November 2011, we regard our 75p target price as a valid valuation for current Sportingbet.
We therefore think Ladbrokes should be thinking along these lines (press speculation was focused on a 70p/share value) with a takeover premium of c10-20% in order to secure shareholder approval, thus implying a bid value of 80-90p/share, representing a >90% premium to yesterdays close.
We also think that 80-90p represents a suitable value based on good potential synergies that we estimate could amount to >30m on an annualised basis.
At 85p/share, Sportingbet would be valued at calendarised FY13E P/E of 9.0x (first full-year of Centrebet). We think this is a sensible valuation for taking control of the group, although forecasts remain changeable depending on European regulatory change and synergies from the Centrebet acquisition.
Although shareholders may miss longer-term upside from the growth and development of the key Spanish, Australian and Greek markets, as well as the ongoing cash inflow and/or potential sale proceeds of Turkey, regulatory issues are not insignificant and shareholders may be willing to accept the certainty of a short-term takeover.
It is worth noting that certainty of a deal is low. Ladbrokes has been active in potential M&A since CEO, Richard Glynn, joined the group 12 months ago, including protracted talks with 888 Holdings that came to nothing.
The most natural counterbidders would include similar companies to Ladbrokes that are looking for (1) cost synergies, (2) geographic expansion, (3) international brand opportunities and (4) a market leading sports trading/risk management team.
This would therefore include William Hill (WMH.L, Buy, TP 285p), Unibet (UNIB.SS, Sell, TP Skr 100) and Bwin.Party (BPTY.L, Neutral, TP 210p). Elsewhere, we cannot exclude interest from private operators such as Betclic.
Ladbrokes is the most obvious buyer, in our opinion, although the attractiveness of Sportingbet to a number of operators should support the premium to our target price that we would look for.
Recommendations
Although any approach is stated to be highly preliminary, we think an acquisition of Sportingbet by Ladbrokes makes strong strategic sense for the latter and we would support a bid at a 10-20% premium to our current target price of 75p (unchanged).
Given the need for further international scale and a reduced risk profile, we do not expect any Sportingbet management reticence to accepting a sensibly priced deal, with augmented upside opportunities as part of larger entity.
We retain our Buy recommendation on Sportingbet; with our 75p share price target maintained due to the highly preliminary nature of talks at this stage.

Thanks for that Harry but I don't believe in this market it will get anywhere near that price.

60p - 70p would the the limit IMO.
Because of that, SBT may well turn it down with the subsequent drop in the sp.

I currently hold these.

I also hold these and took advantage of their Open Offer recently at 42p.
I was also offered an extra allowance at 42p which I didn't take up as it would have been quite a large sum of money......damn shame as I would have been very nicely in profit now!
I agree that somewhere around 70p is a realistic figure.

Having misread this company I hope the price will be about 80p.

Might restore my faith in my recent share choices.

I am tucking a few away have a feeling that this might get bought, nothing like a punt on a bookies:-0)

Part of UBS note out yesterday:
In our view, as a standalone entity Sportingbets shares are worth 70p. Therefore the rumoured 70p a share approach from Ladbrokes lacks any change of control premium. We think Ladbrokes will need to offer closer to 80-90p a share if it is to gain a recommendation from the Sportingbet board of directors. We reiterate our Buy recommendation.

Already hold a number of these shares.

When bought expected 80-90 p. But its recovery is welcome.

You put them in your pension with Meldex Mike ????

Pile of shite ... and nothing to do with them banning me honest , tossers :-)

"Sportingbet notes the recent press speculation in relation to its Turkish language website business. The Company confirms that, as part of its long term strategy of increasing the proportion of its business mix derived from regulated markets, it is currently undertaking a review to evaluate its strategic options in relation to its Turkish language website business. This review may lead to an exit from this business.

A further announcement will be made in due course."