Some highlights from the Q3 call this NA morning:
* LSE Listing - 'progressing very well'. Intertain said they got 'various questions on various topics' from the LSE (could be related to some of the short arguments). At this point investors have to count on at least two more weeks delay because the Q3 doc needs to be incorporated in the prospectus. Intertain will report on any developments.
* Working with Macquarie Capital on financing for the GBP 150m earn out payment for JackPotJoy coming due. They did confirm (in the MD&A) that internally generated cash (including CAD 171m on balance sheet) should be enough to pay this amount in any case.
* CAD 0.49 Adjusted earnings (and that is for the Q...). Revenue up by 10% YoY (contant CCY to compensate for the drop in GBPCAD), EBITDA up by 17% YoY (constant CCY).
* Conversion to mobile is strong, JackPotJoy grew from 47% to 52% sequentially. Revenue per mobile user is 2.5x desktop user.
* Reiterated guidance for 2016, although numbers would end up on the lower side of the ranges because of GBPCAD. Management reiterated that GBP weakness would be an advantage after the relisting.
Takeway: everything progressing according to plan and investors need to keep patient on the listing (while getting a huge cash flow yield). Interestingly enough, the stock price dropped precariously at the open but soon recovered (we managed to pick up some more at a cheap level).