A turn up for the books

I see William Hill FD, Simon Lane, has left the bookmaker just a few weeks after its bond issue.
That's a nice touch. Presumably the decision to part company must have been made in the past few days, otherwise I'm sure the company would have let investors know about the switch when making representations during the fundraising.

Update 24/11/09, 15:10: Simon Lane attended the bond presentations yet failed to mention his job move. Says one investor: "They should really have delayed the process until they had a new finance director. He didn't answer many questions and didn't give out his [business] card." Shoddy.

Bookie wins shocker

I'm told that the William Hill £300m bond offer has got away...

Dual on the Hill

Readers of the newspapers' market reports this morning may have experienced something of a double take...

"I hear that the William Hill boys are out schmoozing the bond markets this week in an attempt to raise some cash for the embattled bookie. Apparently the presentation has been poorly received." - SlackBelly, Wednesday November 4, 2009.

"William Hill was under pressure amid chatter it is about to sell high yield bonds to help refinance its existing £1bn debt pile." - Daily Telegraph, Friday November 6, 2009.

"William Hill traded 2½p lower at 173¾p as the bookie’s presentations to the bond markets failed to capture the imagination. It is looking to raise as much as £250 million, partly to pay down debt." - The Times, Friday November 6, 2009.

Over the Hills?

I hear that the William Hill boys are out schmoozing the bond markets this week in an attempt to raise some cash for the embattled bookie. Apparently the presentation has been poorly received. Developing...

Update: the offer is for £200 - 250 million senior notes to pay down bank debt and "general corporate purposes". Presumably they've already spent the £350m rights issue cash from April, then.