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Best of the Best: an unnecessary stock market listing?

30/01/2019 · Best of the Best (BEST) 

AIM Shares

Car delivered to Best of the Best competition winner
This small business has produced some terrific results which are likely to benefit shareholders. But with a miniscule free float we question why this quasi-private company bothers to remain on the stock market. Could the generous tender offer be a precursor to a delisting?

Best of the Best (BOTB) will be a familiar site to international air travellers. It operates enticing car stands at many UK airports, where the appeal of winning an exotic sports car helps while away the time waiting for a delayed flight. While this strategy proved highly successful, the creation of online competitions is proving even more so, to the extent that the business is now almost entirely online with only one remaining physical location at Birmingham Airport.

The latest interim results for the six months ended 31 October 2018 saw revenue rise 29% to £7.1m and adjusted pre-tax increase 15% to £1.08m. A retrospective VAT refund from HMRC of £4.5m on its ‘Spot the Ball’ game also helped boost period end cash to just under £7m. Management now considers the business has surplus cash and is returning £3.5m of this to shareholders via a tender offer.

The company will purchase up to 7.14% of the shares at a price of…

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