|
|
|
|
|
|
|
|
|
|
|
|
|
|
Slick moves using CFDs reported to involve Irish businessman Dermot Desmond
Canny Irish business leader Dermot Desmond, who has investments in Paddy Power, Betdaq, London City Airport and a major shareholding in Glasgow Celtic Football Club is reported by E-Gaming Review as possibly involved in buying a 10 percent stake in the Isle of Man e-cash processor Neteller.
It is thought Desmond bought the stake via a purchase of contracts for difference (CFDs) to avoid having to publicly announce the purchase. Any company is bound to make a statement to the London Stock Exchange should anyone purchase more than 3 percent of the company.
|
|
|
|
|
|
EGR reported that rumours surfaced last weekend that Desmond had acquired an interest in Neteller. These seemed to be confirmed on Monday when the company announced that Man Financial, a major CFD provider, had an interest in 10.03 percent of Neteller.
The sign of CFD interests normally surfaces with a notice of holdings with either Man Financial or Cantor Fitzgerald on it, said one analyst. You would use contracts for difference (CFDs) if you didnt want the takeover panel to know about your interest."
Whether Desmond has bought into Neteller for a short-term gain or for a longer term interest, it is still good news for the sector, added the analyst. A spokesperson for the Dublin-based betting exchange Betdaq refused to comment on the story.
Desmond certainly can afford the purchase, with the companies in which he has an interest performing well. Paddy Power in particular is expanding fast and its last 6 month results showed turnover up 27 percent to Euro 878 million with growth across all channels. Gross win was up 30 percent to Euro 105 million boosted by 83 percent increase in win from online gaming and FOBTs. Operating profit was up 11 percent to Euro19.6 million and profit before tax was up 12 percent to Euro 20.5 million.
|
|
|
|
| Back to News Menu... |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
