Bwin was part of investment firm NewGame Capital, which has sold off its stake in online gambling operator
Bwin.Party's continuing drive to focus on its core activities was in evidence again this week when NewGame Capital, an investment firm in which Bwin has an interest, sold off its entire stake in the UK online gambling operator Gaming Realms.
The sell-off is believed to involve around 10.5 percent of Gaming Realms' issued share capital in a move that NewGame attributed to Bwin.Party's decision to focus on core assets. The stock has been placed with new and existing shareholders of Gaming Realms.
Michael Buckley, chairman of Gaming Realms said he was gratified by the take up of GR shares by its shareholders, and thanked NewGame for its support in recent years. The arrangement would, he said, increase the operator's free float and provide additional liquidity to its shareholders.
Following the move, several Gaming Realms' directors purchased further ordinary shares of 10 pence each, at a price of 20 pence per share.
Buckley bought 1,400,000 shares to bring his total holding to 18,000,000 shares, or 9.22 percent of the company's total issued share capital, and CEO Patrick Southon increased his holding to 10,897,039 shares, or 5.58 percent of the share capital, by purchasing an additional 500,000 shares.
Directors Jim Ryan and Atul Bali both bought 1,000,000 shares in the company.
NewGame's purpose being fulfilled, it is to be wound up. Established three years ago with an initial GBP 1 million in capital by Gaming Realm founders Simon Collins and Patrick Southon, the firm was boosted by a GBP 15 million contribution from Bwin.Party with the objective of investing in social gaming companies like Avatingo and AlchemyBet, which became Gaming Realms acquisitions.
Online Casino News Courtesy of Infopowa