Betfair AGM
By the time you read this I should be ensconced in my position at the Betfair AGM.
When Betfair listed I took a look at the prospectus and felt the company was fairly richly valued given the outlook and nature of the IPO. I wrote for a financial magazine for three years in another life, so I was in a great position to be a judge of the IPO. I put pen to paper and detailed my rationale which was deemed interesting enough to be published. I knew this was important, as foresight is a much better quality than hindsight! I can now claim to have been completely right in my assessment.
Everything has it’s price and the longer you are in financial markets the more you realise that the market under or over shoots in either direction. At the off, Betfair was very overvalued against my valuation. At its low it was probably undervalued given its structure and outlook.
I had always intended to attend the AGM, but to do that you needed to be a shareholder. As the price slipped to it’s current lows it seemed a good opportunity to buy the shares I needed to gain attendance. I’ve already had a meeting with Betfair this week, so I doubt there will be much to say at the AGM. Having been to a fair few AGM’s in my time, most are pretty dull affairs. But I will be interested to see who else is at the AGM today and what, if anything, of note is said.
I’ll type up a summary for you when I get the chance.
Category: Betfair
