EGMI ($1.66)
I will be leaving Monday for the shareholders meeting. The proxy that was filed a week or two ago had too many errors to count, as well as raised issues such as compensation and the structure of commitees. There was a meeting that took place Friday AM with some of the largest shareholders of the company which took issue with the above. I’m happy to say that most if not all of the issues either are resolved or soon will be as an amended proxy will be filed soon reflecting all of this. As many shareholders know, Annual Shareholder meetings are usually under attended with usually more management/company officers then outside shareholders. I expect EGMI’s meeting to be very well attended with most likely 50+ in attendance which shows the excitement of its shareholder base. EGMI remains my largest holding in my portfolio and one of the most undervalued investments I can find given its past, current, and future EPS growth rate. I’m confident that the remainder of the year will show significant price appreciation for shareholders as my fair value est is $3.00 (20x FY09E EPS) not including any additional deals.
Disclosure: LONG EGMI and No Affiliation
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Hi Ian,
Thanks for the EGMI update. Does this GS headline affect EGMI?
Best Regards to NYC…
Samuel
Goldman Sachs: US to Legalize Online Gambling
Goldman Sachs: US to Legalize Online GamblingAmerican investment bank makes bold prediction in recent note to investors.
By Nadav S | Jul 09, 2009
Online gambling will eventually be legalized in the United States, American investment bank Goldman Sachs predicted in a note sent to investors last week.
According to the report, a legal online poker and casino market would be worth up to $12 billion, too great a benefit for lawmakers to ignore.
“We believe it is logical to assume that the US market will eventually regulate – given the potential implications for US tax take, if nothing else,” the bank said.
“Were the market to be legalized, we believe that the size of the revenue opportunity could increase materially… Based on an assumption of 30% penetration of offline poker players and $300 gross gaming revenue (GGR) per player, we estimate that a legal poker market could be worth $3bn.”
Nice article!.. yeah that sure wouldn’t hurt EGMI’s prospects. Good find.