GoPro Craters 9.3% After Pricing Its Secondary Offering At A Discount

 

GoPro fell more than 9 percent today, after it priced its secondary offering at $75 per share, a discount to its market price. The company ended regular trading today at $71.74 per share, or a several dollar negative delta to the proposed price.

The company will sell 1,287,533 itself, while prior shareholders will sell 9,072,967. Underwriters of the sale may purchase 1,554,075 shares as well inside of a 30 day period. So, dilution to GoPro investors won’t be too heavy, but certainly seeing current shareholders get rid of more than 9 million shares worth — at the proposed $75 price — $680,472,525, doesn’t inspire confidence.

In fact, you almost wonder why the company is raising new capital for itself at all. GoPro ended its last quarter with $237.7 million in cash and equivalents. The proposed sale of new equity would add just under $100 million to its accounts.

GoPro has had a wild ride in the public markets since its debut. Priced at $24 per share, the company has traded as high as $98.47. You can see the spikes and declines here:

 

I called the company’s listed contact concerning the secondary offering, and left a message asking about potential pricing changes for the secondary offering, given the company’s steep slip in value over the past few days.

IMAGE BY FLICKR USER PETE PRODOEHL CC BY 2.0 LICENSE (IMAGE HAS BEEN MODIFIED)

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Dodo attacks IPTV market with Fetch TV offering

Dodo enters IPTV fray with Fetch TV

If you're yet to be tempted by the likes of Foxtel Play, Dodo hopes its new offering will have you jumping on the IPTV bandwagon.

Dodo and parent company M2 Telecommunications have signed a deal with Fetch TV to provide an internet and TV bundle that will start at $39.90 per month.

The bundle will provide users with unlimited ADSL2+ broadband and access to Dodo TV's 36 channels. Customers will also have access to 3,000 film titles via Fetch on a two-year contract.

The IPTV market is becoming increasingly competitive, as Telco's jostle for space. Fetch is already available from iiNet and Optus, with the latter offering a $115 plan that also includes unlimited home phone with its TV and broadband.

Foxtel recently rejigged its Foxtel Play service, increasing it to 57 channels with prices starting at $25. This week also saw its app launched for Xbox One.

Many providers are keen to mark out their territory before Netflix lands in Australia next year. Its arrival has the potential to shake things up, having been controversially popular despite lacking a local launch.

The Fetch TV is one of the best DVRs on the Australian market. Read our Fetch TV review.

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Binge time: SBS On Demand offering 400 movies for free

400 movies at your fingertips

In a move that could hasten the final nail in the local video store's coffin and make IPTV providers nervous, SBS has announced that its SBS On Demand service will now boast a library of 400 movies.

You can spend your home entertainment pennies elsewhere, as the films are completely free, available for up to 12 months, and cater to a wide range of tastes.

Thrillers, comedies, and those naughty films SBS is infamous for are all ready to go right now, although we suspect Michael Bay fans may still choose to look elsewhere.

They're easy to access as well, with apps for Android, iOS, smart TVs and video game consoles. For a full list of SBS On Demand access points head to the SBS website.

The move follows the Film Festival of 100 Clicks back in March, when SBS experimented by offering 100 movies online. It was so successful that SBS has chosen to quadruple the library.

With 400 films to choose from are you unsure where to begin? If you're yet to see Pan's Labyrinth we think that's a good place to start.

Not sure where to access SBS On Demand? Why not check it out on Telstra's T-Box.

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