We plan to support BOTB in considering potential acquisitions. "We are excited to continue to consolidate the foundations established by William Hindmarch and the BOTB team," Sagi said, "by focusing on sustainable long-term strategic competitive growth, by continuous investment in technology, customer and product analytics capabilities as well as development capabilities, both in the UK and in new territories. Sagi said that the offer allows for immediate liquidity for the shareholders in the company in which trading turnover is extremely low. Teddy Sagi buys Herzliya house for NIS 100m
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In order to delist the share from the stock market in London, Sagi requires the approval of 75% of the shareholders at a meeting, so that he will be able to delist the share even if he does not obtain full ownership. Sagi has already received the agreement of shareholders holding 20.5% of the company's share capital including the founding family headed by CEO William Hindmarch.
Since the start of the year, BOTB's share price has risen 30%. The offer reflects a company valuation of £45.3 million for BOTB, an 8.9% premium on the share's average price over the past year and 3.6% on the last price of the share before the offer was submitted.
He is now offering to purchase the public's shares at £5.35 per share - a premium of 33.8% on his purchase price last September, for a total of £33.5 million ($43 million). He acquired the stake from the Hindmarch family at £4 per share for a total investment of £10 million. Sagi holds a 29.9% stake in BOTB's shares through Globe Invest. In the financial year ending in April, the company recorded profit of £4.7 million, up 9.3% and cash flow from ongoing activities was £2.9 million, down 31.8%. In the 2020 fiscal year, before the Covid pandemic, revenue was £17.8 million, jumping to £45.7 million in 2021 due to positive online commercial activity during the pandemic. The company's revenue has been extremely volatile over the past few years. While participants are required to play games, BOTB is not a gambling company.ĭuring the fiscal year that ended in April, BOTB recorded revenue of £26.2 million, down 24.5% from the previous year.
Since 1999, prizes worth £52 million have been awarded. The company today operates as a website in which skill-based competitions are held for cars, luxury watches, motorbikes, and electronic goods. BOTB, which has 26 employees, started out as chain of stores at airports and shopping centers in the UK, and over the years change its activities. The company is Best of the Best (BOTB), which is also traded on London's AIM with a current market cap of £44 million ($56 million).
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