THINK WE ARE LOOKING AT A 1 BAGGER IF DICKS IS GIVEN AN APOLOGY TOMORO....

There is seem to be alot of media coverage this morning about the resignation of the chairman, and saying that US arrest etc is the main problem. What a load of bull!

Man Group seem to be steadily building a stake on the company they now own over 5%

Good strong move today, given the news on SBT I would think :)

Last 3 months' newsNews from 2006News from 2005News from 2004News from 2003News from 2002News from 2001News from 2000 Date/Time Headline Source
1 | 2 | 3 | 4 | 5 | 6
16:27 Sportingbet PLC - Mr Peter Dicks RNS
RNS Number:7402J Sportingbet PLC 29 September 2006


Sportingbet Plc
("Sportingbet" or the "Group")
Statement regarding former Chairman - Update


The Board of Sportingbet has been informed that Mr Peter Dicks, the Group's former Chairman, has been released from US custody this afternoon. The Board understands that following consideration of legal arguments presented by Mr Dicks' counsel, George Pataki, the Governor of New York, was not prepared to sign the extradition order requested by the Louisiana State Police. Mr Dicks is free to return to the UK.

Enquiries:


Smithfield (media) Tel: 020 7903 0669
George Hudson Tel: 07803 603 130
This information is provided by RNS
The company news service from the London Stock Exchange



END

ooop's

9/10/2006
World Gaming shares suspended 'due to uncertainty over continued trading'
AFX


LONDON (AFX) - World Gaming PLC said it has asked for its shares be suspended with immediate effect 'due to a fundamental uncertainty over its ability to continue trading'.

The AIM-listed online gambling company said the move relates to developments in US legislation and follows talks with key parties concerned and after having taken legal advice.

Last week, the company said, after reviewing its debt facilities agreement, that it 'may be in technical default of its loan conditions' after the Congress decided it was illegal for banks and credit card companies to settle payments to online gambling sites.

newsdesk@afxnews.com

According to the FT this company has now gone in to administration.
With only 10% of their business outside the U.S. I can't see this benefitting any of the other players much.
Commiserations to those who were still holding this stock.

took another look at this today up early straight back down - would have thought the license issues a major issue here and other items but to anyone slightly interested a broker report citing 250p target!!!!! i think this is why i tend to take little notice of brokers sometimes however.......

or maybe this helps to realise why 250p target? : Bridge Hall has a material interest in a shareholding in this stock LOL!

http://www.worldlink-products.com/wp-content/uploads/2011/11/Worldlink-Broker-Note-24-11-11.pdf


WORLDLINK GROUP PLC
INITIATION OF COVERAGE Expected market price
250p
Listing: LSE Main Market, London Market Capitalisation: £56.5m
Sector: Technology Shares being admitted 22,618,659
Symbol: WGP.L Share price 250p
Market Makers: 1 Web sites: www.worldlink‐data.com
Year end: December www.worldlink‐sports.com
Finals: March www.worldlink‐products.com
Interims: September Date: 24th November 2011
Market capitalisation = shares admitted x opening share price
BACKGROUND
Worldlink Group PLC is the holding company of a group of technology companies that provide a platform service over which it and third parties deliver
financial data and various trading applications to consumers. The Group holds key patents in the United Kingdom and the United States of America and
patent pending in Europe relating to the transmission to mobile devices (such as smartphones, laptops and tablets) of automatically updated, real time
data over a mobile telecommunications network, where the user selects the information he or she wishes to receive.
The Group’s operations are focused on three principal areas:
1. Sports Betting
Gaming via mobile phones more than doubled in the UK in 2010, according to a report by research firm IHS Screen Digest2. Net revenue from mobile
gambling reached £41m in 2010. In 2009 the figure was £19m. The Directors consider that the continued increase in the user base of smartphones
will see this trend continue and will represent an important target market for Worldlink.
2. Data and Financial Products
Worldlink, through its wholly owned subsidiary, Worldlink Information Technology Systems Ltd, entered into an agreement with IDMS to create an
internet‐based software application, i‐Mobile Markets. This application enables users to access real‐time pricing information on financial markets via
their mobile device as well as desktop computers. It is through this application that Worldlink provides its financial pricing data services, Dow Jones
International news feeds and access to a variety financial trading products.
3. Licensing
Worldlink intends to exploit its ownership of intellectual property in the mobile telecommunications sector by the grant of licences to parties that are
currently infringing its proprietary intellectual property rights.
HISTORY
Worldlink Information Technology Systems Ltd (“WITS”) was incorporated in 1998. Its principal objective was the development of streaming real time data
to hand held mobile devices. In February 2003, following its parent company having been placed in administrative receivership, WITS was placed in
administration and entered a company voluntary arrangement (“CVA”), which it exited in July 2006. IBM also became a shareholder in 2006. In April 2008,
Worldlink Group PLC acquired the entire issued share capital of WITS and it remains a wholly owned subsidiary.
GROWTH IN GLOBAL MOBILE DEVICES AND DATA TRAFFIC
A key factor in the ability of Worldlink to maximise the value of its intellectual property is the ability of the global mobile telecommunications industry to
sustain the strong growth in demand for data‐hungry mobile applications.
On 1st February 2011, Cisco published its Global Mobile Data Traffic Forecast Update, 2010–2015, which is an authoritative report on global mobile
data traffic projections and growth trends. The forecasts relevant to Worldlink are:
􀂃 There will be nearly one mobile device per capita by 2015. There will be over 7.1 billion mobile‐connected devices, including machine‐tomachine
(M2M) modules, in 2015‐approximately equal to the world's population in 2015 of 7.2 billion.
􀂃 Global mobile data traffic grew 2.6‐fold in 2010, nearly tripling for the third year in a row. The 2010 mobile data traffic growth rate was higher
than anticipated. Last year's forecast projected that the growth rate would be 149 percent. This year's estimate is that global mobile data traffic
grew 159 percent in 2010.
􀂃 Global mobile data traffic will increase 26‐fold between 2010 and 2015. Mobile data traffic will grow at a compound annual growth rate (CAGR)
of 92 percent from 2010 to 2015, reaching 6.3 exabytes per month by 2015.
5th Floor Coleman Street, London EC2R 5AL
Dealing: 0845 130 7712 Main Tel: 0845 130 7718 Fax: 0845 130 7721
Website: www.bridgehall.co.uk E-mail: info@bridgehall.co.uk
􀂃 Mobile network connection speeds doubled in 2010. Globally, the average mobile network downstream speed in 2010 was 215 kilobits per
second (kbps), up from 101 kbps in 2009. The average mobile network connection speed for smartphones in 2010 was 1040 kbps, up from 625
kbps in 2009.
􀂃 Mobile network connection speeds will increase 10‐fold by 2015. The average mobile network connection speed (215 kbps in 2010) will grow at
a compound annual growth rate of 60 percent, and will exceed 2.2 megabits per second (Mbps) in 2015.
􀂃 The average smartphone will generate 1.3 GB of traffic per month in 2015, a 16‐fold increase over the 2010 average of 79 MB per month.
Aggregate smartphone traffic in 2015 will be 47 times greater than it is today, with a CAGR of 116 percent.
􀂃 There will be 788 million mobile‐only internet users by 2015. The mobile‐only internet population will grow 56‐fold from 14 million at the end
of 2010 to 788 million by the end of 2015.
TARGET MARKETS
Mobile Betting
Large online sports betting agencies and spread betting firms have reaped enormous benefits from the functionality covered by Worldlink’s Patents. Two
factors in recent years have enabled the unique real time updating mechanism to become both faster and available to an increasingly wide mobile
subscriber public. The first is wider wireless bandwidths providing very fast update speeds, which have enabled trading and betting opportunities
previously unavailable due to speed constraints. This has further been facilitated by availability of the 4G network and rapid take up of smart phones by
the general public. Smartphone devices with larger user friendly screens have far more responsive interfaces than their predecessors and are conducive of
faster execution interaction when using mobile networks.
The sports gaming market is amongst the fastest growing industries in the UK. A Sportel Monaco presentation document evaluated UK online sports
betting market size as EUR 3.5 Billion as at end 2010 (equivalent to £3.11 billion). Betfair has advised its growth rates for mobile gaming over the previous
12 months was 40%, William Hill as 50% per annum over the past 2 years, Ladbrokes 83% over the previous year.
The Experian Hitwise report 2010 advises that the top 13 online sports betting operators account for 95% of turnover in the market, portraying a high
market concentration. It is the operations of these entities, with their need for real time data to offer instant execution to their subscribers, which are
targets for future licensing arrangements with Worldlink. An assumption has been made that all top 13 operators are agreeable to licensing revenues of
5% of sales and that all sports betting revenues are subject to licensing.
Ladbrokes PLC published its Interim Management Statement on 15th April 2011. Mobile revenue grew by in excess of 250% year on year with 18% of digital
customers placing at least one bet through this channel in the period. Mobile represented 11% of total Sportsbook amounts staked in the period and
generated 11% of all digital new player signups. Not to be outdone, its fierce rival, William Hill, announced a 786% increase in mobile betting.
According to Juniper Research, a leading research firm in the mobile sector, Ladbrokes confirmed in 2010 that they expect to see between a quarter and a
third of online sports betting going through mobile within the next two and a half to three years. Juniper suggests that this implies that Ladbrokes alone
was likely to see more than £200 million ($328 million) wagered via its mobile apps during 2013 – levels which, given the current rates of growth, appear to
Juniper comfortably achievable.
Financial Services
There is no doubt that the financial services sector in the UK and overseas is a key growth area for mobile devices and supported applications. A further
potential source of UK licensing revenue is the financial terminal market whose participants include Bloomberg, Telerate, Cantor Fitzgerald and other inter
dealer brokers with online trading capabilities. This assertion is supported by the fact that Reuters, a prominent player in this market, is already a licensing
customer. It is important to note that the licensing arrangements Worldlink struck with Reuters and WeComm were finalised when the firm was in
administration in 2003, therefore very advantageous to the those two clients and not a model for the future.
Given Worldlink’s substantially stronger financial position in 2011, a licensing arrangement on average of 5% of sales, consistent with that assumed for
sports betting firms, is forecast to be finalised with other financial data providers. It has been difficult to secure information on numbers of financial
terminals within the UK; however it was estimated at 86,000 in 2004, which represented approximately 10% of the size of the global market while US
market share was about 57%. The global financial data market is now estimated at US$23.2 billion and US market share at 59%, though this has been
extrapolated from Thomson Reuters split of financial data revenues.
In the 19th July 2011 preliminary results announcement of IG Holdings PLC, the parent company of IG Index and IG Markets, the Chairman said “We have
also commenced the rollout of mobile apps to our clients which has been very well received. We see this as a core feature of future client demand.” The
company went on to say “We have been pleased with the initial take up and usage of these apps [Apple iPhone, Blackberry and Android] is steadily
increasing. Last month almost 14% of all client‐initiated deals were done using mobile devices; around 30% of our active clients use mobile devices to place
some of their trades; and over 10% of account applications are made using mobile devices.”
City Index is one of the world leaders in spread betting and CFD trading and transacts in excess of 1.5 million trades every month for individuals in over 50
countries worldwide. In 2009, the company launched ‘City Trading’ – the first spread betting and CFD trading App for the iPhone. The company went on to
win the 2010: Innovation of the Year (Mobile) from Financial Times and Investors Chronicle. The Company also won the Money AM Best Mobile Trading
Platform in 2010 and 2011.
EXISTING LICENCES AND AGREEMENTS
Financial Markets – only UK licences granted to date
• Licence agreement with Reuters
• Financial Data Licence Agreement, London Stock Exchange via the i‐Mobile Markets Platform. The financial data concerned is supplied by IDMS
• Country specific Investment news via Dow Jones International
• Execution Only Share Dealing – Jarvis Investment Management Limited
• Forex via NPforex.com
• White label access through The Sunday Times and Express Newspapers
PATENTS
The patents covering transmissions to mobile devices are vested in the name of Worldlink Information Technology Systems Limited (“WITS”) and are
registered in the US and the UK. A US Patent 7194468 was granted on 20th March 2007 and is valid until 13th April 2020. The UK patent, GB2358768, was
granted on 13th November 2001 and is valid until 26th May 2020. The European Patent Office has yet to grant WITS a patent for coverage across the
European Union, although it has been filed and is under consideration.
While transmission of data to mobile handsets is not unique, it is the combination of five key elements operating together that uniquely distinguishes the
functional features of the Worldlink patent:
1) The process covers delivery of dynamic data to a mobile computing device over a mobile telecommunications network
2) Users create their own ‘account’ or ‘profile’
3) All profile data is sent when the user first connects
4) Only the changing data is sent thereafter
5) The data is sent automatically
The Prospectus contains a legal opinion dated 4th August 2011 from Mr Alastair Wilson QC. We highlight extracts from that opinion although these should
always be read in the context of the opinion as whole.
In my opinion, the invention in the present case falls on the right side of the line. Although it does involve software and the display of information, it
nevertheless includes the technical effect of speeding up the manner in which the information is displayed by means of a different manner of use of
all the relevant hardware, in particular by the step of sorting out what the subscriber is interested in at the transmitting rather than the receiving
end. In principle, therefore, (subject to the conventional questions of novelty and obviousness discussed above), the invention should be regarded as
allowable.
There has been an objection to the UK Patent by Carpmaels & Ransford, Patent Attorneys, who have contended that the Patent is invalid. Mr Wilson
addresses this point in his legal opinion:
It is further worth mentioning that the UKIPO and the EPO are not slow to take objections of this kind, if they exist. The UK Patent has, however,
been granted, and although the European has not yet been granted, so far as I can judge from the papers shown to me, the EPO has not raised this
kind of objection. In my view, whatever doubts may remain as to the scope of Article 52(2) or the nature of the parallel English jurisprudence, the
failure to take the point in both those jurisdictions is further ground for confidence that this objection raised by Carpmaels and Ransford would not
succeed.
Alastair Wilson QC is listed by ‘The Legal 500’ and ‘Chambers and Partners’ as a Leading Silk in Information Technology and Intellectual Property. Mr
Alastair Wilson is probably best known for successfully defending Mr Andrew Ainsworth against copyright infringement in an action brought by Lucasfilm.
In July 2011, the Supreme Court handed down judgment in the ‘Star Wars’ case of Lucasfilm v Ainswort, and unanimously found that British designer
Andrew Ainsworth had not infringed the law of copyright in England by making and selling the Stormtrooper outfits and helmets made famous by the Star
Wars movies. Clearly Mr Wilson has some appetite for and track record in defending successfully the intellectual property interests of ‘the underdog’.
MANAGEMENT
The board and senior management comprises:
Crispin Burdett (aged 44) ‐ Non‐Executive Chairman
Crispin has a career that spans both the finance and technology sectors. He has been involved in Worldlink for 10 years. He was a founding director of
Stochastic Financial Modelling, advising corporates, brokers and insurers on risk finance and in which capacity he has advised on some of the largest UK
insurance contracts. He is also a founding director of the Verex Group which works with major vehicle manufacturers in providing affinity motor insurance.
Crispin holds controlled functions pursuant to the Financial Services Authority.
Neil Riches (aged 52) – Managing Director
Neil gave up a career in the City of London in order to start Worldlink in 1998 and has worked full time for the Company since its foundation. He was
responsible for obtaining the original UK patent. Prior to founding Worldlink, Neil was a Director at UBS in London where he ran the European Futures and
Options operation. Before joining UBS, Neil was Client Relationship Director for FIMAT, the Futures and Options trading arm of Societe Generale. During his
career, Neil has set up many operations in the City, including the SWAPS operation at Kleinwort Benson and the Futures and SWAPS operations at Tokai
Bank International. Neil was also one of the founders of the Futures and Options Association in London, which is now a thriving regulatory body. Neil was a
General Representative of the Securities and Futures Authority, now the Financial Services Authority.
Anthony Fish (aged 44) ‐ Non‐Executive Director
Anthony Fish is a highly experienced board level professional and has been involved for over 20 years in the Technology Media and Telecoms industries,
being associated with building hi‐tech companies since his first IPO (OFEX) in 1994. Anthony is renowned for his simple no‐nonsense attitude, robust
financial views and governance controls. He brings an innovative flare to delivery, deal execution and fund raising. Anthony features in the top 10 of 'The
Observer Guardian' newspapers "The future 500 rising stars". Anthony currently sits on 7 private and public boards, acting as adviser for early stage
investors. He has written 3 books on the mobile and digital industries.
The following work for the Group in either an employee or consultant capacity:
Ian Coburn, 57
Ian Coburn has over 36 years’ experience both in major multinational companies (ITT, Thorn EMI) and early stage businesses where he has been an
investor, entrepreneur, team member and adviser. Ian has had line responsibility as Chairman, CEO, FD, Non Exec, Sales and Marketing and Operations
Director in a wide range of sectors. A qualified accountant (FCMA) and MBA (Cranfield) he is an innovative business planner and strategist with frontline
experience. He has extensive mergers and acquisitions experience. Ian currently serves on the board of Vision Critical Limited as a Non‐Executive Director.
Ian Simpkin, FCA, MA Cantab, 52
Ian is an experienced FD with a wealth of international and technology sector experience to bring to the team. He qualified in 1984 whilst in practice with
KPMG and graduated from the International Executive Program from Insead in 2000. In 1984, he left practice and joined a Dallas based company rising to
the role of Finance Director. There followed a number of senior roles that culminated in him being Finance Director Europe for 15 years for Xilinx, a
NASDAQ 100 Corporation, where he also had responsibility for the UK operation as site leader. In 2006, he set up his own business to provide FD services
to smaller high growth private and public companies and in this context has had exposure to a wide variety of businesses and markets.
Paul Weight
Paul has been in the static and mobile telecommunications arena for over 30 years. Coming from a telecommunication engineering background he has
worked for blue chip companies such as British Telecom and Motorola UK where he headed up the network operations technical team, having clients such
as J Sainsbury, Cable & Wireless and Hanson. Paul has also served in the public sector at London Fire Brigade where he headed the IT network operation
including application development, service support, radio and network support. He also implemented one of the first UK Cisco VoIP deployments,
integrating old and the newest technologies that the market place had to offer. Paul has worked for UK multimedia companies delivering gaming and
mobile TV services, implementing patents in UK, USA and Brazil and prior to joining Worldlink was Chief Technology Officer for U‐Turn, a mobile Platform
company in the Czech Republic, delivering products and services to customers such as T‐Mobile and providing TV stations with live streaming data services.
Neil Muttock
Neil is an experienced European patent attorney, registered patent agent and European Trademark Attorney. Combining his professional qualification with
an MBA from Cranfield, Neil brings both a strong legal and commercial perspective to the task of managing Worldlink’s patent portfolio. As well as working
as a patent examiner in The Hague in the Netherlands, Neil has worked as an IPR manager negotiating major patent license deals with a number of major
corporations. Neil then set up and developed his own patent consultancies before joining the Novagraaf Group as head of UK Patents before striking out
on his own as a patent and IP consultant working for a number of clients, including Worldlink.
FINANCIAL RESULTS
Worldlink is essentially a pre‐revenue business and its past results should be viewed in that context. Historically, the company has had a very weak balance
sheet, has had going concern issues and has been loss making:
Year ended 31st December 2009: loss of £979,488
Year ended 31st December 2010: loss of £3,806,375 including an exceptional charge of £2,212,272
Six months ended 30th June 2011: loss of £822,436
At 30th June 2011, the balance sheet showed total assets of £164,070 and current liabilities of £3,432,440, comprising convertible loan notes of £145,000
and trade creditors of £3,287,440. As a result there is a balance sheet deficit of £3,268,370, including £7,835,335 of accumulated losses.
Prospectus rules require the inclusion of a 12 month adequacy working capital statement to be made by the directors of the company, which has been
reported upon by Reporting Accountants.
STANDARD LISTING & CORPORATE GOVERNANCE
The Company has a standard listing on the Official List, and as a consequence additional on‐going requirements and protections applicable to a premium
listing under the Listing Rules will not apply to the Company. In particular, the provisions of Chapters 6 to 13 of the Listing Rules, being additional
requirements for listing of equity securities (listing principles, sponsors, continuing obligations, significant transactions, related party transactions, dealing
in own securities and treasury shares and contents of circulars), will not apply. It should be noted that the UK Listing Authority will not have the authority
to monitor the Company’s voluntary compliance with any of the Listing Rules applicable to companies with a premium listing, (and will not do so) nor will it
impose sanctions in respect of any breach of such requirements by the Company.
FUNDING
The Group has raised finance of £860,690 through additional share issues during the first half of the year. This reflects timing of receipt of funds and
issuance of shares in January 2011 relating to the funding round initiated in December 2010 and the issuance of shares to directors to reduce amounts
owed to them and additional share issues. The funds received have been used to pay creditors.
The company has received commitments arranged by Falcon Capital of £500,000 in additional finance to be raised through the issuance of new shares,
conditional upon listing on the London Stock Exchange.
Quest Agreement
On 20th May 2011, Worldlink entered into an advisory and capital raising agreement with Quest Licensing Corporation, in which Quest agrees to assist
Worldlink obtain financing. Under the terms of the agreement, upon a successful funding of up to $3,000,000, Quest are entitled to a cash fee of 5% in of
the gross proceeds up to a total of $150,000. In the event of a funding in excess of $3,000,000, Quest are entitled to (i) a cash fee of 2.5% and (ii) Shares in
the amount of 2.5% of the gross proceeds in excess of $3,000,000, issued at the same offer price. Upon the conclusion of funding, Quest is entitled to
warrants in the amount of 5% of shares placed. The Quest agreement has a term of 6 months from signature after which it shall be automatically renewed
for a further 6 months. Either party may terminate the agreement upon giving 30 days’ notice.
Equity Partners Fund
On 4th November 2010, the company (and Neil Riches and Crispin Burdett) entered into a private placement agreement with Equity Partners Fund SPC
(“EPF”) under which EPF may invest €15,000,000 to subscribe for Shares. Under the terms of the placing agreement, the subscription price at which
Purchaser shall subscribe for Shares is 90% of the lowest daily volume weighted average price (VWAP) during the 15 days following receipt by EPF of a
draw down notice. EPF will subscribe for shares on behalf of three of its portfolios: Global SP, Funchal Equity Partners Fund SP and Zigong Commercial
Equity Partners Fund SP. EPF is not entitled to subscribe for Shares that would result in a shareholding exceeding 19.9% of the company’s total issued
share capital. It is a requirement of the placing agreement that the Company is listed on a public market. Mr Riches and Mr Burdett have, under the terms
of the placing agreement, agreed to lend shares to EPF in an amount equal to 100% of the number of shares set out in each draw down request. The
placing agreement provides for the issue of warrants in an amount equal to the amount of shares subscribed for at each draw down. By a letter dated 26th
July 2011, EPF agreed to raise the 10% cap on its obligation to subscribe for Shares.
Convertible Loan Notes
The Board of Directors have issued £145,000 5% Convertible Loan Notes to existing shareholders. The loan notes have warrants attached to them with
conversion terms of 1 ‘A’ warrant per 2 ordinary shares and 1 ‘B’ warrant per 2 ordinary shares.
In September 2011, the Group issued 7% convertible loan notes totalling £1,588,111 to creditors and directors to reduce the payables balance. The loan
notes have warrants attached to them with conversion terms of 1 ‘A’ warrant per 2 ordinary shares and 1 ‘B’ warrant per 2 ordinary shares.
DIRECTORS’ AND SUBSTANTIAL SHARE INTERESTS
The following are the directors’ and substantial shareholder interests as at 14th November 2011:
Directors Shares %
Crispin Burdett 1,329,883 5.90
Neil Riches 2,944,727 13.00
Anthony Fish1 1,420 -
Substantial
Equity Partners Fund SPC 2,517,894 11.10
Greg Johnson 1,309,781 5.80
Torben Maersk 1,294,320 5,70
Largehive Limited 1,050,151 4.60
IBM United Kingdom Financial Services Limited 904,128 4.00
Banque J Safra (Monaco) SA Clients 868,830 3.80
Close Bros Seydler Bank AG 704,099 3,10
1. Anthony Fish’s interests in shares and options are by virtue of his shareholding in and directorship of AMF Ventures Limited
VALUATION
Marble Arch Research Limited was engaged to provide an opinion on valuation. They have reported that, based upon the assumption that legal actions
result in the positive outcome expected, that Worldlink’s intellectual property should provide a base patent valuation of about £180 million (US$295
million) using a 40% discount rate. They also provided a range of valuation outcomes using different discount rates, which generated valuations of
between £499.4 million (15% discount rate) and £133.5 million (50% discount rate. The basis of valuation was the sum total of discounted net cash flows
(DCF) which, Marble Arch Research noted, provided a similar outcome to a valuation based upon valuation multiples of comparable companies, of which
there are few.
The valuation of £180 million comprised the net present values attributable to:
Source £m
UK Sports Betting Licensing 113.34
UK Financial Data Licensing 4.19
US Sports Betting Licensing 28.54
US Financial Data Licensing 11.36
US Litigation 22.89
Total 180.32
STRENGTHS
• There is very strong and continuing growth in the smartphone and mobile device markets
• The company’s position has been validated to a degree by signing up well‐known licensees.
• Although sports betting is likely to drive revenues, potential revenue streams are diverse
• The availability and use of Conditional Fee Agreements and similar agreements in the US will aid the enforcement of patent infringers.
• Worldlink has the financial support of EPF, which funds have announced the signature of 22 commitments in fourteen different countries to
invest over USD$2.7 billion over the last twelve months.
PRINCIPAL WEAKNESSES & RISKS
• The valuation of the business is predicated on a positive outcome of any legal action challenging the validity of the Patents, especially in the UK.
A negative outcome in 2012 would have an adverse implication for the business.
• Worldlink has a historically weak balance sheet although now much strengthened.
• Refusal by “Third Party Infringers” to acquire licences to the patented technology
• Uncertainty and cost associated with asserting the Group’s intellectual property through litigation
SUMMARY
Neil Riches, Founder and Managing Director of Worldlink, showed considerable forethought back in the late 1990s in anticipating
developments in the capability of mobile devices, including mobile phones. However, at a time when support for embryonic UK
technology businesses is much in focus, particularly from a funding standpoint, Worldlink is a perfect illustration of the long and often
difficult road to commercialisation of a product. That Worldlink has had to wait for the developments in the technology market to play
‘catch up’ before any real commercial value could be attributed to the patents has not helped either.
The valuation of the likely revenue streams to be derived from the patents in our view correctly pinpoints the pivotal role of UK sports
betting as a key driver for Worldlink, representing some 63% of the total value. Worldlink is listing in the face of probably the worst
market conditions in living memory and, like other companies that have listed this year, has cut back its market valuation to the point
where the market capitalisation on admission represents less than 50% of the valuation attributed to sports betting alone; and that is
after applying a 40% discount factor. At this valuation, Worldlink represents a highly leveraged play with significant upside (and, it must
be said, downside) on Mr Alastair Wilson QC’s optimism on the validity of Worldlink’s patents.
RISK WARNING AND DISCLOSURES.
This report has been commissioned by Bridge Hall Stockbrokers Limited from the independent analytical company of Gresham Corporate
Research. This report should not be reproduced without the prior consent of Gresham Corporate Research or Bridge Hall Stockbrokers
Limited. Bridge Hall Stockbrokers Limited is authorised and regulated by the Financial Services Authority. Investors should not rely solely
on this report when considering an investment. This report has been approved for distribution within the United Kingdom by Bridge Hall
Stockbrokers Limited under section 21 of the Financial Services and Markets Act 2000. All investments carry risk and investments in small
cap shares such as those listed on Plus Markets or AIM are by nature speculative and have a higher degree of risk. The value of
investments and the income derived from them may fall or rise significantly and an investor may lose some or all of their initial
investment. An investment into small caps shares may in some circumstances be difficult to realise in whole or in part as the shares can
only be traded subject to liquidity, volume, and the Normal Market Size. Any deviation from the Normal Market Size or persistent selling
may result in a negative effect on the share price. Past performance is not a guide to the future. Investments referred to in this
document may not be suitable for all investors and, therefore we recommend that you do not invest in these types of shares unless you
have carefully thought about whether you can afford it and whether it is right for you and if necessary consult with your professional tax
adviser, particularly if you are on a fixed income or approaching retirement age. This share is a Small Cap Growth company in the early
stages of its development. Generally we do not expect any dividends from this stock for the first few years. We are more primarily
interested in this company for its capital growth potential. Hence, it is important to take a 2‐5 year view on an investment like this.
Bridge Hall has a material interest in a shareholding in this stock. Bridge Hall Stockbrokers Limited acts as the regulatory principal for its
Appointed Representative Worldlink Brokers Limited.Bridge Hall Stockbrokers Ltd are authorised and regulated by the Financial Services Authority Member firm of the London Stock Exchange
Registered office: Fourth Floor, 36 Spital Square, London, E1 6DY CN 05272968 VAT No. 866 9311 87
Telephone calls are recorded and monitored for regulatory and training purposes.

Firstly, I hate the fact that the previous post was so long.. how dare someone leave such a long post. It literally took me half the day to scroll down past it.

Want to know more about this hidden value of £180m which was guessed by Marble Arch Research. I presume most people on here wouldn't know, and taking into account that there was only 1 person on here this year, I wouldn't expect a response.

But even though I know fuck all about the company, I'd still feel wise to invest, because can they really go any lower at this point in time you would have to ask yourself. I'm not saying that they'll go up, but based on Tom Bulford's article; if they if they kick off, they could sky rocket

http://www.moneyweek.com/investment-advice/penny-shares/penny-sleuth-share-tips-worldlink-group-wgp-20100?comment=1,1

I'd also really like to know why the share price dropped so much the moment that it was admitted to the main list of the London stock exchange!!!!!!!!!!!!!