The All Ordinaries (ASX: XAO) was trading 0.74% lower, with Pointsbet Holdings Ltd (ASX:PBH) shares, oOh!Media Ltd (ASX:OML) shares and Village Roadshow Ltd (ASX:VRL) shares moving the Australian share market.
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1. PointsBet Holdings (PBH) – up 20%
PointsBet is a bookmaking/gambling business operating in Australia and USA. It provides its wagering services via a cloud-based platform.
Up 20% today, PointsBet is amongst the ASX’s top small-cap movers. As we already know, the leagues and competitions for many of PointsBet’s major sporting codes (soccer, basketball, etc.) are now cancelled or postponed until further notice.
Earlier this week however there was some good news from the company in the form of regulation. Pointsbet said it received an Internet Sports Betting Operator License and a Sports Betting Operator License in the US state of Colorado. This will enable the company to take its first online and retail sports bets in the second half of this calendar year.
2. oOh!Media Ltd (OML) – down 28%
oOh!Media is an outdoor advertising and media business. Founded in 1989, it has become one of Australia’s largest advertising companies. Across Australia and New Zealand, oOh!media has more than 30,000 advertising billboard locations.
By far the ASX’s worst performer on an unusually patchy day, Ooh!Media shares were down a painful 28% at lunchtime following its reinstatement to trading on the ASX.
With outdoor advertising facing significant uncertainty and lower spending from marketing departments, Ooh!Media was forced to undertake a capital raising and sell $156 million of new shares to institutional investors at $0.53 per share.
“The equity raising is part of our initiatives to provide the Company with significant liquidity to trade through uncertain times ahead, and position oOh!media to continue leading the out of home industry which we believe is a long-term structural growth sector,” CEO Brendon Cook said.
3. Village Roadshow (VRL) – up 10%
Village Roadshow is one of Australia’s leading mass media and entertainment companies, with leading positions in Australian cinema, theme parks, film production and distribution. The company is most well known for its ownership of Village Cinemas, Warners Bros. Movie World and Wet’n’Wild.
Given the issues surrounding the spread of Coronavirus and new social distancing laws, Village Roadshow’s cinemas and themeparks have been closed and staff have been stood down.
“We have made this decision with heavy hearts, but we know it is the right thing for the safety and well-being of our employees, patrons and the community,” Village CEO Clark Kirby said at the time.
In a previous update, Village said it has taken swift measures to ensure the COVID-19 impacts on cashflow and profits are minimised.
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