15 July 2011 – acquisition
The group has spent some of its large cash balance in acquiring the business and assets of SportingWins Ltd. The latter provides hedging contracts to cover the financial risks of corporate clients which are dependent on the results of professional sports events. The company has been acquired for a nominal sum and the vendor and manager of the company is joining Timeweave to run it on a highly incentivised basis. This appears to be a low risk transaction for the group and the shares remain a BUY.