Cineworld’s crushing debt is the real villain in this movie saga
One option would be to raise yet more debt. But that hardly seems sensible given that Cineworld is currently forking out £450m a year, more than its current market cap, just to service existing borrowings.
Or, it could turn to investors, and attempt a deeply-discounted rights issue on the back of a share price that has lost 90pc of its value since February. Even Bond himself would struggle to escape from this jam so perhaps there will be no quantum of solace in this box office cliffhanger.
William Hill not yet a done deal
What a stunning upset it would be if betting tycoon Fred Done gatecrashed the takeover battle for William Hill.
The bidding looked to have quickly turned into a one-horse race after American gaming giant Caesars secured a recommendation from William Hill’s board last week.
Yet, here comes Done’s outfit Betfred sneaking up on the inside, with a possible counter-bid, according to The Sunday Telegraph no less.
As the billionaire founder of a rival bookmaker, Done deserves to be taken seriously but as William Hill’s second largest shareholder with a 6pc stake, he merits additional credibility.
Mounting a challenge won’t be straightforward. Caesars 272p-share offer comes with a poison-pill-of-sorts that gives it the right to cancel a fledgling sports betting joint venture with William Hill in America. Still, it’s worth remembering that the tie-up only accounts for 8pc of revenues at William Hill currently, so it is no golden goose just yet.
Perhaps the Wigan-based businessman should take some inspiration from neighbouring Blackburn where Zuber and Mohsin Issa have stunned the City with their swoop for Asda. A one-two punch for Lancashire and the north-west.
Outfoxed by events
There’s nothing like the threat of a boycott from a man who has complained about “cancel culture” to inspire the masses to use more of something.
At the weekend, celebrity angry man and new political party leader Laurence Fox urged his Twitter followers to stop shopping at Sainsbury’s in response to its support of Black History month.
Today, shares in the supermarket chain jumped more than 2pc. It may be that Fox’s campaigning skills need some work, or it could just be that he needs some better campaigns.
