PartyGaming directors cash their chips
Michael Jackson, chair of PartyGaming, has sold 262,000 of his shares in the company, while finance director Martin Weigold and company secretary David Abdoo sold their entire holdings of 2.7 million and 1.7 million shares respectively.
The shares were sold at 116.14p each, which earned Jackson around £304,000, Weigold £3.2m and Abdoo £2m. Jackson retains a 0.015 per cent stake in the company.
Shares in the company fell by 2.5p to 113.5p, which reportedly means that the 8.75 per cent of the company that has just been made available is worth nearly US$1bn (£543.1m).
The directors’ decision does not come as a complete surprise as analysts had predicted a share sale following the announcement in May that PartyGaming founders Anurag Dikshit and Vikrant Bhagavar would be stepping down from the board. Details: www.partygaming.com
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