Online gambling software company Playtech plc announced Wednesday that Teddy Sagi's company Brickington Trading Limited – a 49 percent shareholder in Playtech – intends to sell 29.3 million of its shares in Playtech (10 percent of the company) at a price of 725 pence per share via an accelerated bookbuild.
“The Placing Shares represent approximately 10 percent. of the company's issued share capital out of Brickington's current holding of approximately 49 percent,” a statement from Playtech revealed.
“Following the sale of the Placing Shares, Brickington has agreed not to dispose of any further Playtech shares for a period of at least 12 months, other than with the consent each of Canaccord Genuity, Shore Capital and UBS.”
The Playtech statement emphasises that Brickington remains a committed shareholder and will still hold 39 percent of its issued share capital if all the Placing Shares are sold. 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.
Canaccord Genuity, Shore Capital and UBS have been appointed as joint bookrunners in respect of the Placing, which will be launched immediately following the announcement today through an accelerated bookbuild, open to certain existing and new investors.