Playtech founder selling large stake

Playtech founder Teddy Sagi is selling 10% of the company for £212m($353 million), the supplier has told the stock market. 29.3m ordinary shares are being sold for 725p, despite them reaching a record high of 818p last week.

The shares are owned by Brickington, a company in which Sagi is beneficially interested, and Playtech was at pains to highlight that the company remains a committed shareholder as it would still hold 39.0 per cent of the Company’s issued share capital if all the Placing Shares are sold.

Looking on the bright side, Playtech said that the Placing would significantly increase Playtech’s free float and is expected to allow for increased liquidity in the trading of the Company’s ordinary shares.