Playtech Founder, Teddy Sagi Sells off 4% of Shares as Brickington Continues as Playtech’s Largest Single Shareholder Following Sale
Playtech founder, Teddy Sagi sold 4% of his shares this past week with focus directed on London business. Sagi’s value of his shares equaled 13 million total shares all together. The stock exchange announcement was made yesterday (March 15). Sagi sold his shares through Brickington Trading Limited, an investment company.
The total shares were sold to Boussard & Gouvaudan Investment Management LLP for a total sum of GBP 113.4 million. The shares were sold for 872.5 pence each. The sale of the shares are equal to 4.1% of Playtech’s total ordinary share capital. The issued ordinary share is subject to lockup.
Playtech’s shares will be reduced to 56,582,169 which represents 17.8% voting rights for the company. It was agreed that no further shares will be sold until May 29, 2017. Boussard and Gavaudan has also agreed to keep the lockup agreement until after the same ‘freeze’ date.
Brickington is and will continue to be the largest single shareholder of Playtech. Sagi’s original plan earlier this month was to sell 10% of this total stake worth, but ended up settling for about 60% less than his calculation. This isn’t the first time Sagi has ‘cashed’ in on his shareholder worth. He has been selling a little here and there since last year.