Technology Co. Founders Sell SharesPublished June 16, 2006 by OCR Editor
A huge chunk of software firm PartyGaming is up for grabs this week, following news that its four founders are selling substantial numbers of their shares.
The technology firm¦#180;s founders include billionaire and chief operations officer, Anurag Dikshit, marketing director Vikrant Bhargavar, and Ruth Parasol and her husband Russell DeLeon. Fellow shareholder Nitin Jain is also selling a percentage of his shares. Analysts have predicted a major share sale from PartyGaming¦#180;s founders since the end of May, when the firm announced that Dikshit and Bhargavar would be stepping down from the board. The pair's overall holding of 30.4 percent and 8.6 percent respectively, is worth $3.73 billion.
However, while the sale can only benefit the technology firm¦#180;s founders, several major investors are said to be concerned that a mass dumping of shares will negatively affect PartyGaming¦#180;s share price. As a result, shares in the online casino company were down 6.6 pence to 115.75 pence in London morning trading following the announcement.