1/25 @ $3.30 would give SKO approx. $10 mil .
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Suppose one has to keep the faith in Serko after the announcements this morning
New cornerstone shareholding in Bookings, Director and management sell down ......big end of town gets first dibs at cheap share while small retail investors get the crumbs and dilution.
Details of the capital raise and results issued on NZX today
Results summary. Preliminary half yr FY20 results.
Highlights for the six-month period are as follows:
• Total Operating Revenue2 for the period ended 30 September 2019 at $14.7 million increased by 29% over the same period last year of $11.4 million. This is in line with revenue guidance of an increase of 20%-40% for the full year.
• Total Recurring Revenue2 was $13.3 million, an increase of 38% over the same period last year and represented 91% of Operating Revenue.
• Total Income2 from all sources, including grants, was $15.2 million increased 29% from $11.8 million for the same period last year.
• Net profit before tax (NPBT) for the period was a loss of $0.8 million. Prior period was a profit of $1 million.
• EBITDAF3 for the period was $1.4 million. Prior period was $1.5 million.
Cap raise Booking Com details here....
Onwards and upwards..
Even more relaxed now we have details of the transaction.
Great to have Booking Holdings on board as a shareholder and partner - NZ$135 billion entity whose sp was US$18 in 2001 and is now US$2,032!
Placement price underwritten at $4.04 so will be a huge move from the battered sp today - forwards and upwards today indeed!
More about Booking.com
Established in 1996 in Amsterdam, Booking.com has grown from a small Dutch startup to one of the largest travel e-commerce companies in the world. Part of Booking Holdings Inc. (NASDAQ: BKNG), Booking.com now employs more than 17,000 employees in 198 offices, in 70 countries worldwide.
With a mission to make it easier for everyone to experience the world, Booking.com invests in digital technology that helps take the friction out of travel. At Booking.com, we connect travellers with the world’s largest selection of incredible places to stay, including everything from apartments, vacation homes, and family-run B&Bs to 5-star luxury resorts, tree houses and even igloos. The Booking.com website and mobile apps are available in over 40 languages, offer 28,909,693 total reported listings, and cover 154,195 destinations in 228 countries and territories worldwide.
Naked fear is an apt description!
I think it also shows that there are still many speculative traders and hanger-ons in Serko who are easily spooked by sp movements, rather than what's happening with the strategic steps being taken by Serko to become a billion dollar entity.
As the placement is underwritten by Deutsche Craigs Limited and the shares will be placed with institutional and other select investors in New Zealand, Australia, Hong Kong, United Kingdom and Singapore, I think we will see the new investors mop up the jumpy and nervous speculative traders and hanger-ons, leading to a more sustained upwards sp trajectory.