Playtech founder sells £329m of shares in discounted placing
Playtech founder Teddy Saggi has pocketed almost £329m after he sold 12% of the company's shares at a discounted price, upping the size of the placing after receiving strong level of interest from institutions.
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Saggi's Brickington vehicle, which had been planning to sell 32.3m, in the end offloaded 38.7m shares at a price of 850p per share, an 8% discount to Tuesday’s closing price.
Following the transaction Saggi still retains a beneficial interest in 69.6m shares, representing 21.6% of the voting rights of the company, and has agreed not to dispose of any further shares for at least 180 days.
The FTSE 250 company pointed out that was not a party to the placing and will not receive any of the proceeds.
UBS, Canaccord Genuity, Credit Suisse and Shore Capital carried out the placing.