Form 8.3 - Chelverton UK Dividend Trust plc: Stride Gaming Plc.
Recommended cash offer from Rank Stride Gaming Rank Group has made a recommended £115.3m cash offer for Stride Gaming, which equates to an EV of £93.4m. Using the run-rate H119 EBITDA, the deal is valued at c 7.5x EV/EBITDA. The offer of 151p per share is a 29% premium to the previous day’s closing price. Irrevocable commitments have been received by 61.3% of Stride’s shareholders and completion is anticipated in Q319. Analyst Victoria Pease
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RNS Number: 8229 A Stride Gaming PLC 31 May 2019. A second and final Price Monitoring Extension has been activated in this security. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom.
RNS Number: 8217 A Stride Gaming PLC 31 May 2019. The auction call period has been extended in this security by 5 minutes. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom.
In other M&A news, Gaming company The Rank Group has confirmed its in advanced takeover talks with Stride Gaming for a possible all cash offer that values Stride’s shares at 151p a piece. Stride, whose stock closed yesterday at 117.5p, said there is no certainty that the talks will result in a deal. Rank has until June 28 to announce its intentions.
Stride Gaming Plc (STR.L) Announced, in its interim results for the six months ended 28 February 2019, that revenues fell to £36.6 million from £43.9 million posted in the same period preceding year. The company’s profit before tax stood at £2.6 million, compared to a profit of £3.9 million reported in the previous year. The basic earnings per share stood at 2.3p, compared to earnings of 2.05p reported in the previous year. Separately, the company revealed that it is in advanced discussions with The Rank Group Plc regarding a possible all cash recommended offer which values the company’s ordinary shares at a price of 151p per share.
Stride Gaming (STR.L) 117p £89m Stride Gaming confirms that it is in advanced discussions with The Rank Group Plc regarding a possible all cash recommended offer which values Stride's ordinary shares at a price of 151p per share. There can be no certainty that this will result in an offer for the Company, nor as to the terms on which any offer might be made.
·Regulatory headwinds across the UK online gaming market impacted the Group's performance in the first half of the financial year, resulting in a 13% decrease in Real Money Gaming NGR, a 23.0% decrease in Adjusted EBITDA* and a 29.3% decrease in Adjusted net earnings*;. ·Proprietary platform revenue decreased by 9% to £27.0 million and non-proprietary platform...
RNS Number: 7203 A Stride Gaming PLC 31 May 2019 NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION. Update on Strategic Review- Stride in advanced recommended takeover offer discussions Stride Gaming plc confirms...
Stride Gaming (STR.L) 114.5p £97.4m Stride Gaming, a leading online gaming operator, provides the following update on current trading. The Board expects to report NGR for the six month period ended 28 Feb 2019 approximately 5% lower than expected, reflecting greater disruption arising from fiscal and regulatory changes implemented in the second half of calendar year 2018. Positively, the Board sees encouraging signs that the impact of these disruptive factors have now been largely absorbed and the business model is adjusting accordingly. Whilst the Board does not expect to recover the first half revenue shortfall through trading in the second half, the Board is confident that its strategy of leveraging the Group's infrastructure and proprietary technology to migrate more mass market, recreational bingo and casino customers onto its higher margin proprietary platform is robust and will deliver strong long term, cash backed value for shareholders. The Board expects to report a strong performance from its "Stride Together" B2B JV and is encouraged by additional new joint venture opportunities. Furthermore, as a result of encouraging growth trends in its Indian Rummy business, the Board has increased its technology and marketing investment in Passion Gaming, in which Stride has a 51% share. As a result the Board now expects to report incremental costs of approximately £0.4m for this part of the Group.
Stride Gaming Plc (STR.L) Announced, in its trading update, that the Board expects to report NGR for the six-month period ended 28 February 2019 approximately 5.0% lower than expected, reflecting greater disruption arising from fiscal and regulatory changes implemented in the second half of calendar year 2018. Positively, the Board sees encouraging signs that the impact of these disruptive factors has now been largely absorbed and the business model is adjusting accordingly. Also, the Board expects to report a strong performance from its "Stride Together" B2B joint venture and is encouraged by additional new joint venture opportunities.
RNS Number: 5077 V Stride Gaming PLC 09 April 2019 9 April 2019. Stride Gaming plc, a leading online gaming operator, provides the following update on current trading. As a result the Board now expects to report incremental costs of approximately £400,000 for this part of the Group.
RNS Number: 9165 Q Stride Gaming PLC 22 February 2019 FORM 8. PUBLIC OPENING POSITION DISCLOSURE BY A PARTY TO AN OFFER. Rules 8.1 and 8.2 of the Takeover Code.
PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE. Rule 8.3 of the Takeover Code. POSITIONS OF THE PERSON MAKING THE DISCLOSURE.
The Board remains confident in Stride's ability to manage ongoing fiscal and regulatory market pressures and leverage its unique infrastructure to capitalise on significant growth opportunities in the dynamic UK market. �a more aggressive UK and international organic expansion strategy;. �expanding the group's operations through acquisition in the UK...
RNS Number: 2664 P Stride Gaming PLC 06 February 2019 6 February 2019. Stride Gaming plc, a leading online gaming operator, announces that at the Annual General Meeting of shareholders held earlier today, all resolutions were passed.. Stride Gaming plc, listed on AIM, is a leading online gaming operator.
Stride Gaming (STR.L) 101p �77.7m AGM Statement from the online gaming operator. "The Group's trading performance since the start of the financial year has been broadly in line with the Board's expectations despite the continued challenging trading conditions. The Board remains confident in Stride's ability to manage ongoing fiscal and regulatory market pressures and leverage its unique infrastructure to capitalise on significant growth opportunities in the dynamic UK market. The Group has a clear focus on winning and retaining mass market, recreational customers onto its bingo and casino sites. Cost control and efficiencies remain a core focus area for the Group. Stride continues to leverage its infrastructure and proprietary technology to migrate more customers onto the Group's higher margin proprietary platform and drive cost synergies across the business. The Board remains committed to its revised dividend policy to distribute at least 50% of Adjusted net earnings in dividends. In addition, the Board has proposed a special dividend of approximately 8p per share relating to the earn-out of the QSB Gaming transaction.”
Stride Gaming Plc (STR.L) Announced that at the AMG, the Non-Executive Chairman, Nigel Payne will state that its trading performance since the start of the financial year has been broadly in line with the Board's expectations. Further, the firm is clearly focusing on winning and retaining mass market, recreational customers onto its bingo and casino sites. Additionally, the Board has proposed a special dividend of approximately 8.0p per share relating to the earn-out of the QSB Gaming transaction and the transaction is expected to complete by the end of May, with the dividend being paid in June.
Stride Gaming Trading broadly in line Stride’s AGM confirmed that trading for the current financial year has been broadly in line, despite well documented regulatory headwinds. To counterbalance rising gaming taxes and other sector pressures, the group is implementing numerous cost-cutting initiatives, which will be key to hitting our FY19 EBITDA estimate. Looking ahead, we expect growth to resume in FY20 (once many regulatory burdens have been lapped) and we believe Stride will take market share within a disrupted industry. Cash conversion is c 90% and the new payout policy leads to a 15.0% yield in FY19 (including the special dividend). The stock continues to trade at a meaningful discount to peers, at 3.7x EV/EBITDA and 6.5x P/E for CY19e. Analysts Victoria Pease Richard Williamson
Stride Gaming Plc
STR.L
Stride Gaming Plc
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Classification

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Locations

HQ
Highgate Studios
53-79 Highgate Road
Unit 450
London
NW5 1TL
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