bwin.party Entertainment institutional investors Emerald Bay and Stinson Ridge are preparing to sell up to 50 million shares in the London FTSE online gambling operator. The large scale share sale by the investors represents a 6% stake in bwin.party.
The news of the investor sale, saw bwin.party share price fall 11p to 94p (impact-10%). bwin.party governance stated that it was not party to the sales arrangement, but that the actions of Emerald Bay and Stinson Ridge were consistent with the divestiture arrangements that were disclosed by the companies in October 2013.
bwin.party governance stated that the sale, would have no impact on its ongoing sales discussions with 888 Holdings and joint strategic partnership with GVC Holings and Amaya Inc.
bwin.party Chairman Philip Yea commented on the sale: “We welcome today’s news regarding the placing by the trustees as it provides clarity for the market regarding a significant block of shares that were due to be sold during 2015.
The sale has no bearing on the board’s discussions regarding proposals received from third parties that are continuing.