4th Mar 2014 17:12
LONDON (Alliance News) - Playtech PLC Tuesday said that the company's founder Teddy Sagi is selling a 10% stake in the company.
The online gaming software supplier said that Brickington Trading Ltd, a company in which Sagi is beneficially interested, is proposing to sell around 29.3 million shares in Playtech at a price of 725 pence per share through a secondary placing.
The shares will be sold in a so-called accelerated book-building process, when little or no marketing is done.
Sagi's Brickington Trading has a 49% stake in Playtech, and this will drop to 39% if the placing is fully taken up.
Playtech said Brickington has agreed not to dispose of any further shares for at least 12 months, unless it gets consent from Canaccord Genuity, Shore Capital and UBS.
It said the placing would significantly increase the company's free float, and is expected to allow for increased liquidity in the trading of its shares.
Shares in Playtech closed 2% higher Tuesday at 810.06 pence per share.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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