Shares sold to non-US residents in private deal
Following the release of Bingo.com's mediocre third quarter results, shareholder Praetorian Capital Management has sold off all of its shares.
The 8,675,999 shares represented 13.58 percent of the issued and outstanding shares of Bingo.com Ltd and were valued at $477,180. The shares were bought by non-US residents in a single, private and un-brokered transaction.
"We would prefer not to be exiting this investment at this time, however tax considerations played a significant part in our decision and its timing," said Harris Kupperman, CEO of Praetorian Capital Management.
Tarnie Williams, CEO of Bingo.com Ltd went on to say "We look forward to a similarly productive relationship with the purchasers of Praetorian Capital Management's holdings.”