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Teddy Sagi To Sell One Third of Playtech Stock
MAJOR PLAYTECH SHAREHOLDER CASHING IN
Teddy Sagi could realize GBP 296 million from his sale of a third of his stock in Playtech plc.
The Playtech online gambling group has advised investors that Teddy Sagi - its biggest shareholder - plans to sell almost a third of his Playtech stock, a move that at today's share price of GBP 9.19 could realize the Israeli billionaire a cool GBP 296 million.
Sagi's proposed sale of 32.3 million Playtech shares will be executed through his Brickington Trading Limited company, and following completion Sagi's remaining holding in Playtech will drop from 33.6 percent to 23.6 percent.
Going below 30 percent deprives Sagi of the right to appoint two non-exec directors to Playtech's board, but will not alter Brickington's special relationship agreement with the gambling group.
The Brickington placing is to be effected through an accelerated book build (which usually targets institutional investors) with underwriters led by global investment bank UBS, along with Canaccord Genuity and Credit Suisse. These organizations will negotiate the best deal they can for Sagi's large block of shares, and discounts are not unheard of, so the final result may differ from that which the current share price suggests.
Sagi has chosen his moment to sell well, with Playtech shares riding high at present.
Playtech's announcement advises that the placing shares represents approximately 10 percent. of the company's issued share capital, and that following the sale of the shares, Brickington has agreed not to dispose of any further Playtech shares for a period of at least 180 days.
"Brickington is a wholly owned subsidiary of a trust of which Playtech's founder, Mr. Teddy Sagi is the ultimate beneficiary and the Placing is being undertaken in order to further diversify its investment portfolio," the Playtech announcement reveals.
"Brickington and Mr Sagi both continue to remain highly committed to the company going forward and Brickington will continue to be Playtech's largest single shareholder with a 23.6 per cent. holding if all the Placing Shares are sold. Assuming the Placing is fully subscribed, it will significantly increase Playtech's free float and is expected to allow for increased liquidity in the trading of the company's ordinary shares."
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