Sagi sells further Playtech shares

Sagi sells further Playtech shares

Wednesday, March 15, 2017
Holding in company now less than 20 percent

Billionaire Playtech founder Teddy Sagi has sold up a further slug of shares in Playtech to a hedge fund as he moves to lessen his interest in the leading online gambling software supplier to under 20 percent.

This time around Sagi’s investment vehicle Brickington Trading has negotiated a lock-up release consent with Playtech’s bankers UBS in order to offload £113m of Playtech shares to hedge fund Boussard & Gavauden Investment Management.

The shares represent 4.1 percent of Playtech’s share capital and the sale takes Sagi’s stake in the company to 17.8 percent.

The consent was needed as the new sale comes within 180-days of the last disposal when Sagi sold 12 percent of Playtech in a secondary placing raising circa £330m.

In a stock exchange statement, Playtech said the approach for the shares from Boussard & Gavauden has been “direct and unsolicited”.

Following this sale, Sagi has now agreed not to sell any further shares until the end of May.

Via the previous share sale, Sagi had given up the right to appoint two members to the Playtech board. The sale represents a further loosening of Sagi’s grip on the company.

Sagi has been a major shareholder in Playtech since it floated in 2006, first on Aim before it transferred to the main list of the London Stock Exchange. In that period he has sold a number of cross holdings to the company including the affiliate marketing entity PTTS and most recently the financial trading business TradeFX (which included the CFD trading house Markets.com).

In a statement, Sagi said the sale was part of his plans to further diversify his investments. Sagi currently owns large swatches of property in the Camden area of north London and has stakes in two further listed entities, the payments provider Safecharge and adtech firm Crossrider.

Playtech shares were down marginally in early trading on Wednesday to 987p.

Totally Gaming says: The appetite of the investment community for Playtech shares appears to know no bounds, which is good news for the company. Sagi will no doubt be pleased to see the business which he founded going from strength-to-strength in the future.

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