[Nick Hargrave]

https://www.londonstockexchange.com/news-article/BIDS/board-change/16145346
https://www.londonstockexchange.com/news-article/BIDS/proposed-new-commercial-partnership/16145316
https://www.londonstockexchange.com/news-article/BIDS/interim-results/16145282

A huge amount to digest this morning. The company have left it to the last day to publish results and have also announced a related party transaction with the CEO and CSO forming their own private company to sells sorts rights with BIDS earning technology revenues. This will result in significant cost savings for BIDS with the COO and CFO stepping down with some employees transferring to the new private company.

The initial reaction is a very bad smell of related party transactions for 2 insiders to capture value. On the other hand, the company has put itself in such a bad situation in such a poor market that this is a form of non-dilutive funding to keep the company on track while they have a 70% revenue share on the sports side. The market is likely to hate all of this immediately. Given the action we have previously taken, the complexity of the transaction and the shift in business model to focus on tech licensing rather than generating advertising revenues, we will need some time to fully consider the best course of action in preserving shareholder value

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