Online Casino Technology creators Sell Shares

A vast amount of online casino software firm Party Gaming is up for grabs this week, going after news that its four founders are selling large numbers of online casino shares. Due to broker Dresdner Kleinwort Wasserstein, about 8.75% of the online casino firm, worth around 450 million pounds, will be sold on behalf of its founders. This brings the free drift of the online casinos shares up from 28% to 35%.

The online casino technology firm’s founders contain billionaire and chief operations officer, Anurag Dikshit, marketing director Vikrant Bhargavar, and Ruth Parasol and hers husband Russell DeLeon. Fellow shareholder Nitin Jain is also selling a percentage of his online casino shares. Analysts have forecasted a major share sale from Party Gaming´s founders since the end of May, when the online casino firm proclaimed that Dikshit and Bhargavar would be stepping down from the board. The pair?s overall holding of 30.4 percent and 8.6 percent correspondingly, is value $3.73 billion.

Still, while the sale could only profit the online casino technology firm's founders, numerous main investors are said to be worried that a mass dumping of shares will negatively affect Party Gaming´s share price. As a result, shares in the online casino company were down 6.6 pence to 115.75 pence in London morning trading following the statement.



2006-09-15