Main Event IPO within 2 weeks

Main Ev SignWith revenues posited to be in the range of $1 billion to $1.5 billion for 2015, Main Event Entertainment should be coming to the public within two weeks subject to Financial Securities Commission effectively signing off on the prospectus.
The company is expected to raise between $100 million to $200 million at a price between $1.50 and $3.50, stockbroker for the deal, Gary Peart of Mayberry Investments told investors at a briefing today. IC Insider gathers that the amount to be raised, is likely to be $150 million, putting the PE ratio in the 10-12 range.
According to Peart, the valuation for the company is in the range of $500 million – $700 million. Between 20 to 40 percent of the shares will be offered in the IPO. Proceeds of the issue will be used to expand services particularly to Montego Bay where Solomon Sharp, Chief Executive says has a big market for his products and services. Funds will also be put into new equipment to meet increasing demand. According to Sharp, demand is such that they have had to turn away business. The additional equipment will allow for more business to be undertaken simultaneously.
Main Event Entertainment Group, a unique company that is in the business of management of event as well as producing their own production. The company provides event management, production, audio, video, lighting, staging, roofing, power supply, digital signage and management, concept development, creative development, infrastructural build-outs.

Three of the company's directors

Three of the company’s directors

The company generates revenues from Digital boards spread across 22 countries in the Caribbean some a few Central American countries mostly for screens in Digicel stores with more than 100 screens for which they generate up US$225 for month for maintaining and updating them. They also supply and service menu boards for other entities with the latest to sign on being Wendy’s on board, the company provide outdoor signage in the form of advertising billboards.
The principals include Solomon Sharpe, CEO and formerly of Desnoes and Geddes, Richard Bair, Chief Operating Officer, formerly employed at Porter Brothers and Donna Waithe, Director HR and Administration with 23 years of experience in the aviation sector at Air Jamaica. The company was established 2004 and employs between 51 and 200 full time and part time employees.
The Board of directors include Hugh Graham, Solomon Sharpe, Donna Waithe, Richard Bair, Tania Waldron-Gooden, Harriat Maragh, chairman and Dr. Ian Blair.
The company have as its clients many blue chip Jamaican companies, including Scotia Group, National Commercial Bank, Flow, Desnoes and Geddes to name a few.

Revenue growth pushes down C&W loss

Cable & Wireless HQ

Cable & Wireless HQ

Subscribers and revenues are up in double-digits at Cable & Wireless Jamaica which contributed to reduced operating loss of $346 million, or 58 percent better than the outcome in the similar quarter in 2014 before exceptional expenses of $139 million.
The company posted losses of $485 million after exceptional expenses in the September quarter, or 11 percent less than the $548 million loss for the six months in 2014.
EBITDA earnings grew to $1.2 billion compared to $971 million a year ago and for the half year $2.58 billion versus $1.78 billion, an increase of 45 percent.
“Each line of business showed improved results leading to growth in total revenues and EBITDA. Our mobile business was again the leading performer with our pre-paid subscriber base growing by 23 percent and our post-paid subscriber base growing by 6 percent when compared to the prior year first half,” stated Garfield Sinclair who heads C&WJ, in the financial report.
During the quarter, revenues grew 9 percent to $5.63 billion. This growth was filliped by mobile subscriber base and revenues up 22 percent and 16 percent respectively; and broadband subscribers and revenue up 8 percent and 11 percent respectively. Revenues for the half year grew 10 percent to $11 billion as revenues for the September quarter exceeded that of the June quarter by $179 million or 3.3 percent.
Interest cost declined in the quarter to $934 million from $1 billion last year and should fall in the coming quarters as the interest rates reset downwards in November, to 7.2 percent from 7.787 percent with the fall in local Treasury bill rates. For the half-year interest cost amounts $2 billion. Staff costs are down by $300 million in the six months period from that of 2014 to be at $1.246 billion but out payments and direct cost rose $226 million with the September quarter by $149 million over the June quarter.
The company generated operating cash flow of $520 million compared with negative cash flows of $133 million in six months to September 2014.
The financials does not show any indication of a merger between the local operations of Flow and C&W but the latter wrote large amounts of assets and made staff redundant but no mention is made in the report as to how the two entities will be operating going forward. There are questions to be answered here.
The company’s shares are listed on the Jamaica Stock Exchange last traded at $1.45.

Cable & Wireless’ makeover

Cable & Wireless HQ - the stock is in demand with the merger of Flow and C&W gathers pace.

Cable & Wireless HQ – the stock is in demand with the merger of Flow and C&W gathers pace.

Cable & Wireless seems to be going through a period of rebirth having ceded a great deal of their territory to the completion in past years, as the parent company chopped and changed top management. They are now growing again with pretty strong top-line gains with a stable management team.
There was much growth in the financial year to March and since then the industry has seen much change, with number portability, Flow being acquired by Cable & Wireless and Digicel acquiring Sportsmax.
“We gained around 20,000 new prepaid mobile customers resulting from number portability almost the same as left, revenue for the average new customer is more than the ones we lost” Garfield Sinclair, Chief Executive officer of Cable & Wireless (C&W) stated in a presentation to shareholders and some C&W senior staff at Wednesday’s annual general meeting of the company. Sinclair also stated “we gained four more postpaid customers to each one lost as a result of number portability”.
In a wide ranging presentation at the AGM the C&W CEO stated that the merger of the Flow and C&W has many challenges, none more so than the integration of the staff. The physical plant with differing technologies also pose challenges and with take time to be fully complete. But the CEO stated that they were making progress on all fronts as he commended the Human Resource team in the work they have done in the staff integration so far.
C&W CEO Gary Sinclair

C&W CEO Gary Sinclair

By October we would have completed the upgrading and expansion of our 4G network system on the south coast of the island to accommodate increasing demand by customers and by November that on the north coast, should be complete.
“We now have almost 900,000 cell phone customers, 250,000 landlines and 80,000 data only customers”, Sinclairstated. At the end of the fiscal year to March C&W indicated that the cell phone numbers were around 820,000 but Sinclair confirmed to IC Insider that the numbers are now at 875,000. The annual report stated that in the “peak season Christmas a record 65,000 mobile customers were added to the network”. The 2015 numbers suggest a continuation of the strong gains being made in the acquisition of mobile customers. The name change from LIME to Flow is likely to enhance the prospects for increased mobile customers. The continued growth augurs well for increased revenues and the company’s move to restart generating positive profit.
“Investors have to judge us on the EBITDA not on accounting profits that is the basis used in our industry”, Sinclair said. In this regard he said that by the end of the current fiscal year EBITDA that was at 20% of revenues in 2015 should be at 30 percent. This would work out at around $7.5 billion assuming revenues continue to grow at the 2015 pace on a standalone basis and would result in an absolute profit for the company, the first for several years. In the June quarter EBITDA rose a very strong 82 percent, with net results seeing a sharp fall to a loss of just $303 million, from a loss of $712 million in 2014 as revenues grew 13 percent to $5.45 billion, for the June 2015 quarter, aided by a 17 percent growth in mobile subscribers and 27 percent increased mobile revenues. Operating expenses were static at $4 billion but finance cost was up to $1.1 billion from $962 million in 2014, depreciation was down and amortization up.
EBITDA while an important measure, especially in the expansion phase it cannot be the sole target, ultimately investors want a return on investment and net profit ultimately is the most important measure so that dividends can be paid.
While there were few details of the merger with the Flow operations, that is expected to be a big boost to the system with more revenues and lower cost with some of the cost squeezed out from the elimination of duplications.

Interest cost jump burdens C&W

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Cable & Wireless HQ Kingston

Cable & Wireless HQ Kingston

Cable & Wireless 57 percent to 44 cents as the price responded to news of the parent company acquiring Columbus Communication, operator of the Flow brand. The company also reported much improved cellular customer acquisition for the six months to September and a 15 percent jump in revenues compared with 11 percent in the first quarter.
At the same time, profit before finance cost moved from a loss of $179 million in the six months to September, to a profit of $645 million. Higher finance cost, jumped from $730 million to $1.98 billion for the six months, from the year before, resulting in a similar loss as in 2103 of $600 million for the quarter and $250 million lower than in 2013 for the six months, to end at $1.32 billion.
Mobile subscribers grew by 125,000 during the April to September period and Mobile traffic increased by 34 percent and mobile service revenue is up 38 percent, the company reported.At the end of March Cable & Wireless stated that they had 705,000 mobile customers. The increase since March, puts active mobile customers at roughly 830,000, by the end of September. At the end of June this year, Mobile subscriber base increased by 37 percent with revenue increasing by 34 percent, broadband base increased by 12 percent with revenue up 39 percent. The continued strong growth in mobile customers is resulting in increased revenues for the local company, moving them closer to a break-even point.
C&W sum 9-14The company cut employment cost sharply for both the quarter and six months but increased marketing spend to push various mobile and internet plans and boost the customer base, which should redound to benefit increased revenues, going forward.
The second half of the year is more profitable for the company, with the revenue to be booked for the telephone directories and lower marketing cost in the final quarter of the year. Lower Treasury bill rates should see the interest rate that is used to book interest, being lowered by almost 25 percent compared with the first half of the year. IC Insider is projecting a profit in 2015/16 as revenues should continue the strong growth with the push to capture a larger portion of the cellular market and the double benefit of lower out payment cost per customer as the base grows and increase revenue from voice and data.

Gleaner awaiting economic up turn

Gleaner280x150Profit at Gleaner Company, for the three months to September is up strongly, but that’s coming from a low level for 2013. Most of the improved figures came from a big upswing in finance income and not from the main activity of media.
Profit after tax rose 271 percent, to $16 million, up from just $4 million in 2013, and for the six months, growth was up 301 percent to reach $58.6 million from $14.6 million, but that is just 5 cents per share. Profit margins improved in 2014 over 2013 rising only 4 percent for the nine months and 11 percent in the quarter, but administration and other cost rose 11 percent in the quarter and a lesser 5 percent in the year to date period.
The other good news is the vast improvement in the results of the subsidiaries, for the year so far, having produced a profit of $10.5 million in the September quarter from a loss of $19 million last year and a reduced loss of $2 million for the year to September compared with a loss of $31 million in 2013.
Glnr table 9-14Sales revenue remains flat, at just over $813 million for the 2014 and 2013 quarters and up a mere 2 percent for the nine months to September, at $2.43 billion. The economic conditions the country is in, coupled with stringent fiscal policies being pursued by the government, is not the environment that the media house relishes. The situation has been made worse by Claro mobile exiting the system, a few years ago. The acquisition of Flow by Cable & Wireless could well put more pressure on revenues down the road, depending on how the acquisition is handled. In the end, the acquisition will mean less advertising spend, nationally by the telecom sector if the acquisition goes through. Another negative, is that newspapers are not the in thing anymore, with newer readers preferring the internet, but they are not yet prepared to buy news on line the same way that news was sold in the past. Although, the Gleaner owns a radio station its profitability is at best small and can’t deliver much to the bottom line.
The company’s stock price is low compared to its historical norm, but compared with others in the market, it can be considered overpriced at a PE that is around 10 times current year’s earnings, with no sign of a major turnaround in its operations soon.

Is $1.65 too high for C&WJ shares by 2015?

Cable & Wireless (C&W), an IC Insider BUY RATED stock, traded 7,481,913 shares closing at 32 cents on Thursday, following the release of the announced acquisition of Columbus International operation and news of continued strong growth in new cell customers.
CW bid off -7-11-14Trading on Wednesday, resulted in 5,310,349, units changing hands, between 25 and 28 cents while there were 5 million units on offer at 28 cents, with the bid at 25 cents, to buy 5,794,204 units. With all the news fully disclosed, 8 brokers had bids to buy almost 10 million shares at 36 cents each on Friday. Trading was attempted at 37 cents, but the 15 percent limit resulted in cancelation of the trades.
What is clear is that the price will most likely close on Monday above the bid price of 36 cents, with 41 cents, the maximum possible it can trade, likely to be the close. The big question to be answered is, what price will the stock reach to induce fair stability in the price. Without earnings or even positive net asset value that could be used to value the stock, investors either has to use future estimated earnings or income per share or some other such method to value the stock. But other calculations would be needed to arrive at an approximate level. The other approach is the use of technical assessment. Below the likely price levels are stated before some form of resistance to buying takes place. The present supply demand scenario suggest that the recent high of 70 cents will be taken out sooner than later.
CWC Communication has not yet disclosed how they will treat with Flow within the group. One can speculate as to what may happen sometime in the future, one possibility is that Cable & Wireless will collapse the Flow operations into the local Cable & Wireless entities, thus cutting cost. What is more important, for investors, is what is taking place at C&W locally. With continued strong growth in cellular customers, the company has around 830,000 cell customers and could reach around 900,000 by year end. At this level and the possibility of further growth, the company should be making decent profit, between this fiscal year and the 2016. IC Insider is expecting the September results to show a reduced operating loss, than the $600 million incurred in 2013, with the possibility to either break even or making a small profit for the year to March 2015.
Heavy buying| At the end of trading on Friday, C&W had 9,997,276 units to buy at 36 cents and just under 232,000 units to sell at 50 cents and only 4,849,062 in total is on offer between 50 and $1. Earlier this year there was not much volume that was available before the price got to 70 cents and then selling came in, more importantly buying thinned out above 50 cents.
CWJ off price 7-11-14Earlier this year| The current bid offer position is pretty similar to that of February 21 this year, when the bid was at 32 cents. Then there were only 56,766 units on the bid at 32 cents and a small 2.7 million on the offer between 38 cents and 45 cents, with the next offer after that at $3.50. That was weeks before the price shot up to 70 cents on limited volume. This time around, buying is more board based with higher volume on the buy side and the supply just a little more than in February. Clearing the way for continued bullishness, is that supply was taken out below 70 cents although some purchases could be sold back to the market in profit taking having been recently bought at relatively low prices.
Technically, 70 cents looks like the first serious barrier to upward price movement. The next possible resistance would be 80 cents and then $1, $1.35 and $1.60. With supply tight, if the September or December results show much improvement in the bottom-line, there could be sufficient buying interest to move through the lower points between now and the first half of 2015.

A D&G and Cable & Wireless market

D&GRedStrip_Banner600x250Desnoes & Geddes (D&G) with more than 27.3 million shares and Cable & Wireless (C&W) with 7.5 million units trading, dominated Thursday’s activity, on the Jamaica Stock Exchange. Except for less than a few thousand unit virtually all of D&G shares traded, were crosses done by NCB Capital Market. The C&W trade, flowed from increased buying, following the announcement of the takeover of Flow by CWC Communications plc.
At the close of trading, the prices of 4 stocks gained and 4 declined as only 14 securities changed hands, ending in 35,240,771 units trading, valued at $129,810,630, in all market segments.
IC bid-offer Indicator| At the end of trading, in the main and junior markets, the Investor’s Choice bid-offer indicator had 9 stocks with bids higher than their last selling prices and 6 stocks with offers that were lower.
Main Market| The JSE Market Index fell 350.96 points to 72,902.39, the JSE All Jamaican Composite index declined 392.43 points to close at 80,226.30 and the JSE combined index lost 210.18 points to close at 74,729.14.
Gains| IC Insider BUY RATED Cable & Wireless, finished trading with 7,481,913 units and put on 4 cents to end at 32 cents, to be the sole stock to gain at the end of trading, in the main market. The stock which was responding to news of a takeover of Columbus International, operators of Flow, enjoyed very strong bids at the close with 1,389,745 units to buy at 32 cents at the top of the bids, 2,954,100 units on the bid at 30 cents and 3,658,619 units at 28 cents. There are 2,288,839 on offer between 35 to 50 cents, an almost certain recipe for further gains to come.

Cable & Wireless HQ Kingston

Cable & Wireless HQ Kingston

With 125,000 new cell customers added between April and September, the quarterly results to September, should showed increased income and reduced losses for the quarter than was obtained in 2013, this could well add more fuel to the buying when they are released, in a few days’ time. The potential problem for buyers, is the low volume being activity sold in the entire market currently. For in addition to the volume, up to 50 cents being sold, the only others on offer are, 1,000,000 at 55 cents, 500,000 at 60 cents, 200,000 at 69 cents, 1,614,000 at 80 cents and 941,623 units at $1.
Firm| The stocks in the main market to close without a change in the last traded prices are, Jamaica Broilers closing with 24,819 shares at $4, Jamaica Money Market Brokers finished trading with 487 shares at $7, Proven Investments with 5,425 shares at 18 US cents, Radio Jamaica ended with 3,615 units to close at $1.18 and Sagicor Group closed with 50,000 shares at $9.65.
JSE sum 6-11-14 Declines| The last traded prices of stocks with losses at the end of trading, in the main market are, Caribbean Cement, ended with 105,000 units, to close 5 cents lower at $2.60, Desnoes & Geddes closed with 27,346,412 shares, valued at $125.8 million to end 35 cents down, at $4.60, Sagicor Real Estate Fund finished trading with 82,100 shares changing hands, lost 15 cents at $6.60 and Scotia Investments with 500 shares fell 9 cents, to $21.51.

Cable & Wireless Plc acquires Flow

cable-and-wireless-worldwide600x250Cable & Wireless Communications Plc (“CWC”) today announces that it has agreed terms to purchase 100 percent of the equity of Columbus International, a privately-owned fibre based telecommunications and technology services provider operating in the Caribbean, Central America and the Andean region, for USD1.85 billion.
“The move will significantly enhance CWC’s growth profile and accelerate the progress towards each of its strategic goals unveiled in May. CWC also announced the placing of new shares constituting approximately 9.99 percent of CWC’s outstanding share capital which will be used to finance in part the proposed acquisition. The Enlarged Group is expected to generate significant operating cost and capital expenditure synergies, with additional revenue benefits also available. The transaction will be earnings neutral in the first full year post-completion and materially earnings enhancing in subsequent years” CWC directors stated in their release.
Columbus is a privately-owned diversified telecommunications and technology services company, based in Barbados, with approximately 700,000 residential customers in the Caribbean, Central America and the Andean region. In the Caribbean, it is one of the leading providers of triple-play cable TV and broadband enabled services over its proprietary fibre optic network infrastructure. Through its wholly owned subsidiary, Columbus Networks, Columbus provides backhaul connectivity to 42 countries in the region, as well as capacity and IT services, corporate data solutions and data centre services throughout the Caribbean, Central America and the Andean region. Columbus also provides next generation connectivity and IT solutions, managed networking and cloud-based services under the brand Columbus Business Solutions.
For the year ended 31 December 2013, Columbus had revenue of USD505m with EBITDA of USD216m and total operating profit of USD104m. For the six months ended June 2014, Columbus had revenue of USD284m with EBITDA of USD118m and total operating profit of USD48 million.

72% Customer Satisfaction for CWJ

Cable & Wireless Jamaica (CWJ) trading as Lime, ranked highest in customer satisfaction among all of Jamaica’s utility providers, according to a survey by the Office of Utilities Regulation, OUR CWJ said in a release recently.
CWJ old 1According to the report the Regulator said 72% of respondents reported that they were satisfied doing business with Cable & Wireless.
Among its telecommunications rivals Digicel, Flow and other utility providers, customers gave the company, the highest marks for product quality and accurate billing and placed them on top for customer care that makes them feel valued and respected.
“We have consistently put customers at the center of our strategic commercial decision-making and these objective survey results are the just reward for those efforts.” Garfield Sinclair Cable & Wireless CEO stated in response to this latest round positive public perception.
Cable & Wireless also received coveted recognition for being the only Telecommunications provider to register a double-digit increase in service quality over the 12-month review period.

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