By Michele Maatouk
Date: Wednesday 07 Jun 2023
LONDON (ShareCast) - (Sharecast News) - William Hill owner 888 Holdings surged on Wednesday after it emerged that investor group FS Gaming Investments has built up a 6.6% stake in the company.
The stake was disclosed in a filing after the market close on Tuesday and the investor group includes Lee Feldman, the former chairman of GVC (now Entain), and former chief executive Kenny Alexander.
According to a Bloomberg report, the investor group could propose a change of leadership and strategy.
At 0810 BST, the shares were up 17% at 93.64p.
Victoria Scholar, head of investment at Interactive Investor, said: "This could mark the beginning of significant changes for 888 including the potential for a C-suite and broader strategic shake-up. Even after this week's surge, shares in 888 have more than halved in value over a one-year period, in stark contrast to Flutter which is up by more than 70%. This is providing a chance for opportunistic investors to strike while the iron is hot, making the most of its depressed share price."
She added: "The consortium provides a vote of confidence in the group and arguably could mark the beginning of a more bullish phase for the stock."
Jefferies, which rates the shares at 'buy', said in a research note: "We read the investment as a positive endorsement of the 888/William Hill integration opportunity, and opportunistic given 888's low valuation.
"We have previously commented that the 888/WMH deal seems highly similar to the highly successful integration of GVC and bwin, familiar ground for several members of this new shareholder grouping."
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Currency | UK Pounds |
Share Price | 86.00p |
Change Today | -0.100p |
% Change | -0.12 % |
52 Week High | 130.10 |
52 Week Low | 70.60 |
Volume | 575,556 |
Shares Issued | 449.44m |
Market Cap | £386.52m |
Value |
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Price Trend |
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Income |
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Growth |
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Latest | Previous | |
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Interim | Final | |
Ex-Div | 16-Sep-21 | 25-Mar-21 |
Paid | 13-Oct-21 | 24-May-21 |
Amount | 4.50¢ | 10.40¢ |
Time | Volume / Share Price |
16:35 | 8,031 @ 86.00p |
16:35 | 212,068 @ 86.00p |
16:35 | 2,352 @ 86.00p |
16:35 | 244 @ 86.00p |
16:35 | 1,314 @ 86.00p |
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