News blog

Top Ten Holdings

  • BY: Andrew Hore |
  • POSTED: 15/06/2009 |

Top Ten Holdings has confirmed its intention to cancel its Aim quotation.

This should save more than £130,000 a year. Management points out that share trading volumes are low and the market capitalisation of the company is small. Bank borrowings totalled £30m in April 2009.

The news knocked 0.125p off the share price leaving it at 0.75p, which values the bingo operator at £190,000. Prior to the original statement of the intention to cancel the Aim quotation the shares were trading at 1.625p each. Top Ten intends to se up a matched bargain facility for the shares.

After the original announcement Polar Capital European Forager Fund Ltd sold its 945,000 shares in Top Ten. Mr and Mrs TM Shields have bought 760,000 shares taking their stake to 1.4m shares.

Revenues dipped from £25.8m to £22.3m in the year to March 2009, and an operating profit of £1.6m was turned into an operating loss of £300,000. If exceptional charges are included the loss is £15.1m. Top Ten has closed sites in Leeds and Fleetwood.

On the bright side, it looks as though Top Ten will be able to claim back VAT following the recent Conde Nast cash. Top Ten has claimed £8m, of overpaid VAT on fruit machines and bingo income. Top Ten believes it can claim a further £5.2m.

Top Ten should receive an initial payment of £2.7m within four months.

However, the increase in bingo duty from 15% to 22% will cost another £680,000 a year. 

© 2024 Aim Micro. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Browse by issue
All issues
Popular tags
All tags

betbrokers, financial, gold, health, leisure, media, mobile, resources, services, technology

AIM Micro feeds

Keep up to date with articles published at AIMMicro.com. Subscribe to AIM Micro RSS Feeds