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Party Gaming founder sells off more shares

Discussion in 'Casino Industry Discussion' started by jetset, Jan 12, 2007.

    Jan 12, 2007
  1. jetset

    jetset Ueber Meister CAG

    Occupation:
    Senior Partner, InfoPowa News Service
    Location:
    Earth
    PARTY GAMING FOUNDER SELLS MORE SHARES

    4.1 percent share in online gambling corporate sold

    The London business press is reporting that marketing expert Vikrant Bhargava, one of the four founders of the Party Gaming group has just sold another 4.1 percent share in the company.

    Both the Financial Times and The Independent are carrying the report about the industry executive, who reaped a GBP50 million windfall after selling some 160 million shares at 30.5 pence yesterday.

    The deal leaves him with less than 3 percent of the shares, which have tumbled around 60 percent in the wake of the recent crackdown on internet gambling financial transactions in the US, where PartyGaming used to do much of its business.

    It is understood that Bhargava, who became super-rich through the sale of other Party Gaming shares in the past, is no longer actively involved in the company.
     
  2. Jan 12, 2007
  3. Scooter7

    Scooter7 Meister Member

    Occupation:
    Gaming
    Location:
    Toronto
    I think Party shares have reached bottom and are a good long-term buy right now. The company will shift its efforts to non-US markets successfully and the stock will rebound gradually. Anyone with a large enough portfolio to park a few dollars in the stock will do well over the next 18 months.
     
  4. Jan 13, 2007
  5. Simmo!

    Simmo! Moderator

    Occupation:
    Web Dev.
    Location:
    England
    But don't you think it's odd that a founder would sell over 50% of his stake when the shares are at an all-time low?
     
  6. Jan 13, 2007
  7. Scooter7

    Scooter7 Meister Member

    Occupation:
    Gaming
    Location:
    Toronto
    He probably doesn't see enough short-term growth to make holding the stock worthwhile. I'd be willing to bet that he's freeing up cash to put into something with near-term growth potential.

    He can always re-purchase PP stock later at a similar price since it isn't likely to make much of move in the next year.
     
  8. Jan 13, 2007
  9. jetset

    jetset Ueber Meister CAG

    Occupation:
    Senior Partner, InfoPowa News Service
    Location:
    Earth
    He's got his own hedge fund, called Sirius I think, up and running and doing well.....and I would guess that he made more dosh than in his wildest dreams with that previous bunch of shares he and the other founders sold before the UIGEA stuffed things up.

    Now he has a further GBP 50 mill!

    I saw the words "smart" and "prescient" used the other day in an article where some hard-assed analysts were discussing the founders and the Party Gaming phenomenon.
     

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