![]() ![]() Together, the founders will retain majority control of the business, even after holdings are diluted by the issue of new shares to fund the acquisition of Empire Online and Intercontinental Online Gaming. An old friend of Mr Bhargava, he holds 29% of the company. The biggest shareholder, however, is Mr Dikshit, who stepped down as operations director last May. The likelihood of Mr Bhargava's fellow founders following his lead appeared to rise last month when Janos Libor, the boardroom representative of Ms Parasol and Mr DeLeon, left the company. He is thought to be planning to put proceeds from the share sale into the fund. Mr Bhargava, a former British Gas analyst in India, is reported to have invested in a start-up hedge fund based in Gibraltar last summer called Sirius. A similar pledge had been made previously but was not enough to halt the four cashing in 200m shares and sharing a £232m windfall. Last June PartyGaming's founding shareholders - Mr Bhargava, Anurag Dikshit, Ruth Parasol and her husband Russ DeLeon - entered into a lock-up agreement under which they pledged not to sell their share for the remainder of the year without consent from its broker. PartyGaming shares closed down 1.5p, or 4.4%, at 32.25p. Some unconfirmed reports suggested the placing had been taken up rapidly, with strong hedge fund interest. ![]()
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