Betfair set float price

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andyfuller
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Euler wrote:The trustee deed for funds is pretty broad. So it's only ring fenced from Betfair using funds for their business by the look of it.
I doubt many people realise this tbh. I always (stupidly) thought the money was held on deposit at a bank(s).

Who actually runs this fund?
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Euler
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Interesting conferance call from the results: -

http://www.investis.com/betfair/results ... nfcall.wav
andyfuller
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Just listened to it and they seem pretty pleased with the new Premium Charge and sounds like very few people affected by it have changed their habits. So it is here to stay but no doubt will be tweaked to catch more people in the future.

The share price has been doing pretty well recently despite the general stock market declines.
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Euler
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Mark Davies, a member of the founding team at Betfair, and his wife Miranda, as trustees of two family trusts, are seeking more than £4m in damages from their lawyers Speechly Bircham over the sale of their shares in the London-listed company, according a High Court writ seen by This is Money. According to the legal document Davies, who left the operator in July last year, reportedly instructed the law firm to sell his shares at £13 a share following the betting exchange’s IPO in October 2010, but was allegedly told a sale would not be possible as the shares had not been registered properly. They are trustees of two family trusts that held stakes in the company. Davies recently joined the board of mobile gaming specialist Probability as a non-executive director.
andyfuller
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Link from Scott Ferguson's blog:

Twaits is a scratching at Betfair

Betting exchange Betfair could lose its chief executive before the High Court decides on a critical case that could determine the future profitability of the corporate bookmaking industry.

Andrew Twaits informed staff on Friday of his intention to resign from the company, which is half-owned by James Packer's Crown. Twaits will stay on until February, marking seven years with the group which has helped lead the challenge against traditional tote operators in Australia. Don’t be surprised to see him leveraging his online and e-commerce expertise into a role helping businesses outside the racing industry.

Betfair is conducting a global search for Twaits’s replacement. The High Court deciding on the fees corporate bookmakers should pay Racing NSW for access to racefields information. Betfair argues that a 1.5 per cent levy on its gambling turnover is protectionist and discriminatory.


http://www.theaustralian.com.au/busines ... 6135201443
andyfuller
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Were there sausage rolls Peter? ;)
Iron
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You could have made a killing on Betfair if you'd gone long during the first week in August - http://uk.finance.yahoo.com/echarts?s=B ... ff;source=;

Anyone know what the drift is due to?

Dead cat bounce maybe? :lol:

Jeff
andyfuller
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I think it had a lot to do with the developments in Germany:

http://www.reuters.com/article/2011/09/ ... TY20110914

IMO the price went to high.
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Euler
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andyfuller wrote:Were there sausage rolls Peter? ;)
Too much food and drink for the 25 or so that turned up!
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Euler
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Ed Wray announced his intention to step down as chairman.
andyfuller
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Can't be many of the original team left to step down now!

Was that the main news? Anything else of interest?

Hope you took a doggy bag home with some cheese on a stick :)
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Euler
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They did give out a goodie bag with a gift in it!

I wasn't allowed to ask questions during the AGM, but did get to speak to nearly all the board afterwards.

Not much of note during the AGM but there was some elaboration on the exchange "ecosystem". It was a fairly standard AGM based on the many I have witnessed over the years.

One point of note was the premium charge activist leafleting shareholders at the exit.
andyfuller
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Euler wrote:Not much of note during the AGM but there was some elaboration on the exchange "ecosystem".
Cheers for the info, any chance you can elaborate on the elaboration? Or are you saving that for the blog update?
andyfuller
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Euler wrote:One point of note was the premium charge activist leafleting shareholders at the exit.
Said activist is on here now posting on here:

viewtopic.php?f=2&t=2835&start=210

See last post on page 22 of the thread
Innertube
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Betfair pantomime sidesteps the critics

http://www.telegraph.co.uk/finance/comm ... itics.html
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