Betfair risks are revealed in prospectus

first_img whatsapp Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe WrapNewsmax Rejected Matt Gaetz When Congressman ‘Reached Out’ for a JobThe Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap Betfair risks are revealed in prospectus whatsapp KCS-content by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was Famous, Now She Works In {State}MoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen Heraldmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island Farmcenter_img Wednesday 27 October 2010 8:40 pm Share Show Comments ▼ BETFAIR yesterday released the prospectus that helped it float for almost £1.4bn earlier this month.The document includes 15 pages of risk factors that could derail the business, including attempts by EU member states to prevent online betting operators and clarification of online gaming regulation which could hit Betfair’s position as an exchange, rather than a bookmaker.It also raised concerns about the image of the industry as a whole, in light of sporting corruption allegations, such as that surrounding the Pakistan cricket team.Another concern was the illegal use of the site for money laundering by either its employees or customers or a scandal involving underage gambling, which could undermine the firm’s reputation.Its prospectus also admitted chief executive David Yu had been “absent from work for a brief period in March 2010 with a cardiological complaint,” although it insisted he is still fit for duty.Betfair priced its initial public offering at 1,300p per share – valuing the company at £1.4bn. The world’s largest betting website said it had sold 16.2m shares in the offering, excluding an overallotment option, or 15.2 per cent of the company. It had offered the shares at 1,100-1,400p.It also launched a majority-owned trading service, LMAX, which opened for business this week. It offers contracts for difference on US and European share indices, commodities and UK gilts. The platform adopts its parent’s model as a peer-to-peer exchange rather than a traditional broker. Tags: NULLlast_img read more

City warns over rights issue rip off

first_img Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryUndoTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastUndoSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesUndoBetterBe20 Stunning Female AthletesBetterBeUndomoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comUndoAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteUndoDefinitionDesi Arnaz Kept This Hidden Throughout The Filming of ‘I Love Lucy’DefinitionUndoTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island FarmUndoZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen HeraldUndo More From Our Partners Russell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.org‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.com whatsapp INVESTMENT banks have been slammed by the City’s top institutional investors for charging unfairly high fees to companies raising capital through rights issues.An inquiry commissioned by the Institutional Investor Council, backed by the Association of British Insurers and the National Association of Pension Funds, lashes out at investment banks today for charging underwriting fees far in excess of the level of risk they face, and taking advantage of companies’ inexperience in capital markets.The Rights Issue Fees Inquiry follows criticism of credit crunch rights issues launched by companies such as housebuilder Taylor Wimpey. The fees charged were a poor use of shareholder capital and should come under a similar level of scrutiny as outgoings such as executive pay, it said.Inquiry chairman Douglas Ferrans said companies were “paying too much to ensure the deal is a success.”“These costs have increased disproportionately to the risks,” he said. “What we have seen over the period is the risks of underwriting contract quite substantially and we would have expected costs to come down.”Rights issue fees almost doubled from two per cent in 1999 to 3-4 per cent in 2009 as distressed companies were forced to raise fresh capital in risky market conditions.Shortly after the credit crisis property firm Barratt paid £27m in fees to banks advising its £720m rights issue, while builders merchant Travis Perkins paid HSBC and Citigroup £12m to underwrite its £300m issue. Business Secretary Vince Cable welcomed the inquiry’s work.“Their report calls for more transparency and competition in the capital-raising process to ensure highly inflated fees become a thing of the past,” he said. But investment banking sources told City A.M. last night underwriting was still highly competitive. “The danger with these reports is that it might be inferred that there is something sinister going on – but these services are being provided by a competitive industry,” one source said.RBC Capital Markets and Barclays Capital structured a £2bn rights issue for life funds group Resolution in June in which they charged full fees for only the risk they underwrote and reduced fees for the risk that was sub-underwritten. Joshua Critchley of RBC Capital Markets said: “It better aligned risk and reward for the underwriting banks. I believe that you’ll see this structure used again.” Monday 13 December 2010 9:41 pm Share Show Comments ▼ City warns over rights issue rip off whatsapp KCS-content Tags: NULLlast_img read more