Friday preview: Bid deadline day for Arena Leisure

17th Nov 2011 15:49

If you go on to the investor relations section of the web site of race track operator Arena Leisure, you will find a list of upcoming horse racing fixtures, but no clue regarding their next trading update.However, a quick phone call to the company elicits the information that the third quarter trading statement is due out on Friday morning, which coincides with the deadline for the Reuben Brothers to either go firm with their potential bid, or walk away for a spell.Broker Peel Hunt says it has no reason to think that the trading update will be "anything other than reasonable".The broker focuses on the recent agreement on the Horeracing levy rate, which is to be maintained at £72.4m."It is positive that a mutual agreement between the bookmakers and racing industry has been reached, unlike last year's, which was a determination by the Secretary of State. This is important as an indicator for the future. Also, the requirement for the 'more mutually beneficial programme' should benefit organisations like Arena that have all-weather racing facilities," Peel Hunt suggests."However, the fact that the fundamental basis of the Levy remains unchanged is a concern. The bookmakers, who will pay it, remain the same group which, as SIS, has signed up to the higher media payments from next year. The possibility therefore remains that on this consideration, the group may seek to recoup part of the £10m pa increase in future years," Peel Hunt added. INTERIMSRecordINTERIM DIVIDEND PAYMENT DATEHunting, Intertek Group, M&C Saatchi, NTT DoCoMo Inc, Octopus Apollo VCT 1, Octopus Apollo VCT 2, Octopus Apollo VCT 3, Octopus Eclipse VCT 2, Raven Russia Ltd., Standard LifeINTERNATIONAL ECONOMIC ANNOUNCEMENTSLeading Indicators (US) (15:00)Producer Price Index (GER) (07:00)IMSSAxis-Shield, FBD Holdings, Headlam Group, Hill & Smith Holdings, RotorkEGMSJSC Sitronics GDR (Reg S)AGMSAlbemarle & Bond Holdings, Cleardebt Group, Hansard Global, Helphire Group, Matchtech Group, Nautical Petroleum, Physiomics, Savile GroupFINAL DIVIDEND PAYMENT DATEGalliford Try, Go-Ahead Group, Hansard Global, Hays, Henderson EuroTrust, Interior Services Group