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Financial News

Apr 2009 Financial News

Intralot now a top 10 owner of SVL

Apr 01, 2009

Intralot, the Greek gaming systems provider which Supreme Ventures Limited (SVL) is using to manage its planned foray in sports betting, has taken up seven per cent of the Jamaican company's shares, but will eventually grow its holding to 10 per cent, SVL chairman, Paul Hoo disclosed.

Intralot at October 31 held 105.49 million SVL shares, which it acquired from Hoo, and bought up another 80 million units in mid-January, SVL said then.

Hoo said Intralot will acquire the rest of its stake from Janet Stewart - the widow of one of SVL's founders Peter Stewart - who is listed in the company's latest annual report as holding 179.62 million shares, just under seven per cent of the company.

Hoo's disclosure of Intralot's planned strategic acquisition of a stake in SVL came in the wake of the speculation fanned a fortnight ago by the single crossing on the Jamaica Stock Exchange, in a single transaction, of 196,659,968 million shares, or 7.45 per cent of the company.

There was press speculation about who sold the shares and suggestions, Hoo felt, that Hoo and Stewart may be retreating from the company. Hoo held 10.67 per cent of SVL at last reporting.

But the gaming company's chairman, in a note emailed to shareholders last week, dismissed the notion and stressed that he was in SVL for the long haul.

A series of trades

Indeed, SVL has seen a series of trades in recent months, not all related to its connected parties.

On March 24, for example, some 140.5 million units traded, representing 5.3 per cent of the company, but Jamaica Stock Exchange general manager Marlene Street Forrest said the volume represented two transactions that were not block trades, none involving directors or any connected party.

The JSE, she said, could therefore not disclose the identity of the investors.

The stock closed down that day at $2.07.

Hoo said that Intralot, at the time it signed the management agreement last October, indicated in intent to show its confidence in SVL by taking the 10 per cent stake.

"As a result of this and given our respective shareholdings, Janette Stewart and I agreed to make the necessary shares available, which I did in January 2008, and she will carry through with her part within the next few days," Hoo told shareholders.

In the latest annual report, SVL's biggest shareholder was listed as Falcon Global Capital SA with 578, 190,418 units or 21.92 per cent of its ordinary stocks - the same as a year earlier.

It was not immediately clear who are the beneficial owners of Falcon Global.

The next largest bloc -- 451,953, 813 shares or 19.13 per cent - was held by an outfit named Senoda Ltd.

Shareholding down

Its shareholding was down from over 557.44 million a year earlier, which it would have controlled 21.13 per cent of the company.

Of other top 10 shareholders, a company named SGC Worldwide Limited increased its total number of shares from 93.85 million, to 196.7 million, which gives it 7.45 per cent stake and moves it one slot upwards to number five on the list of top shareholders. There were some changes to the structure of the top 10 shareholders last year.

JMMB Long Term Equity Portfolio and MF&G Account No. 528 and Sue Ann Howell have fallen off the list, though it was not immediately ascertained whether the shares had been disposed of in total or merely reduced.

They have been replaced by director Stephen Castagne with 87.1 million shares, Intralot St Lucia Limited and another unknown entity called Sunfisher Corporation.


Source:
business@gleanerjm.com
Wednesday April 1, 2009

http://www.jamaica-gleaner.com/gleaner/20090401/business/business7.html