PAYDAY FOR MITCH

22 June 2007

Party Gaming CEO cashes in some shares and gifts others to staff

Even at the present price of 40p per Party Gaming share, CEO Mitch Garber made a cool GBP 1.7 million this week by selling 4.3 million shares as part of his executive remuneration package, which permits him to cash in his share options at the end of each quarter.

But the gambling group executive spread some of the joy around, too by gifting 300 000 of his options to the company employee benefit trust with the suggestion that outstanding effort by employees should be the criteria for reward.

Garber's holding in Party following the big cash-in is now 4.5 million shares. Earlier this year he sold off 3.3 million shares for around GBP 1.1 million, according to UK business press articles.

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