agree with you - NGMS is good company with good assets. the issue is about price - whether it was necessary to pay $29.50 a share when the share price has only ever traded between $11-$19 the last 12 months.....
Management have cash burning a hole in their pockets cos they raised the 1.3bio AUD rights issue last year for Playtech which fell through (and that to me seemed like a good management decision to pass given the situation).
so paying this price for NGMS - it just looks like they've gone out to buy something cos management feel forced to put the money to work...... and that rarely results in a good outcome for shareholders.... (the only saving grace is it's small in the context of ALL market cap....but it's still a waste of a couple of hundred million imo)
ALL Price at posting:
$38.86 Sentiment: Hold Disclosure: Held
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