Technology Co. Founders Sell Shares

Published June 16, 2006 by OCR Editor

Technology Co. Founders Sell Shares

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.

According to broker Dresdner Kleinwort Wasserstein, approximately 8.75% of the firm, worth around 450 million pounds, will be sold on behalf of its founders. This brings the free float of the shares up from 28% to 35%.

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.

See also

CAP Founder High Hopes for US Gambling

Online Casino Founder Pleads Guilty

Life Real Loud: Biography of Neteller Founder and Pot Smoker

Bitcoin Founder Publicly Identified? Craig Wright Claims to Be Satoshi Nakamoto

Canadian PokerStars Founder Among Those Charge

Yes! I want to know about exclusive bonuses, promotions, and news.