Online Casino Software Group Sell 5% Shares
Party Gaming, one of the most established online casino software providers, sold 5% of their shares. The online casino operator did not get as much money as expected from the sale. Party Gaming online casino software provider has been in the news lately. Firstly it was the fact that they made record figures in their first quarter results and then it was the fact that two of the online casino software provider’s founders were stepping down from the Board of Directors. Party Gaming is in the news again with the announcement that four founding members of the group sold a 5% stake of shares in the company, but ended up getting less money than expected.
The Gibraltar based online casino software provider handles nearly half the global online poker market and the move has led to a lower-than-expected £232 million being raised in the shares sale. The selling shareholders of the online casino company are Nitin Jain and founders Anurag Dikshit, Russell DeLeon, Ruth Parasol and Vikrant Bhargava. The original deal was meant to be 350 million shares but dropped to 200 million, and the eventual price was below the indicated range of 119-120 pence.
The online casino software provider has issued warnings last September and in turn managed to have its shares drop to a low of 67p. However, smart strategic movies on behalf of the management allowed Party Gaming to acquire three rival online casino companies and has launched a wealth of new software. This recovery allowed for the excellent results posted a few weeks ago.