2nd Jun 2015 08:53
LONDON (Alliance News) - Odey Asset Management LLP, run by hedge fund manager Crispin Odey, has increased its stake in Plus500 Ltd to 25.49%, according to filings with the London Stock Exchange published on Tuesday.
Odey had increased its Plus500 stake to 21.33%, according to filings on Monday, and the latest increase could prove a factor in gaming software and technology company Playtech PLC's attempt to acquire the struggling business. Playtech announced a deal on Monday to acquire Plus500, the troubled online contracts-for-difference trading platform, for GBP459.6 million.
Shares in Plus500 tumbled in May after the company confirmed that the UK's Financial Conduct Authority required it to verify its customers in the UK and ask them for documentation in doing so. A fortnight ago, the company had to confirm it had paid its final and special dividend following market speculation it had not done so, another contributor to its share price fall.
Then, last week, the company defended its accounting policies, having become a target for short-sellers who have questioned its business practices and accounting.
Shares in Plus500 were down 5.2% to 355.00 pence on Tuesday, while Playtech shares were up 0.4% to 837.5 pence.
By Steve McGrath; [email protected]; @stevemcgrath1. Additional reporting by Sam Unsted; [email protected]; @SamUAtAlliance
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