PartyGaming Shares Fall 14% After Co-Founder Sells His Shares In Company

Billionaire Indian businessman and co-founder of PartyGaming plc has sent the company’s share price tumbling after he announced he was selling his entire 27.63% stake in the company to concentrate on charitable work in south Asia.
Today Anurag Dikshit sold 75 million shares or two thirds of his holding in the company through Crystal Ventures Limited at a price of 250p in an ‘accelerated bookbuilt offering to institutional investors.’ Following the news PartyGaming shares fell 38.8p to 245.7p on the LSE giving the company a market value of 1.01 billion pounds ($1.7 billion).
PartyGaming was founded in 1997 by lawyer Ruth Parasol and Anurag Dikshit became involved in the company after the brilliant software developer wrote some proprietary code for the site to replace the software they were already licensing. Along with Parasol’s husband, who is a lawyer, and a fourth partner, Vikrant Bhargava, they started
Dikshit became one of the richest men in the world after he sold 23% of his shares in the company during its initial flotation on the LSE in June 2005. In December 2008 Dikshit became caught up in the whole UIGEA storm hitting internet gambling state side and pleaded guilty to ‘online gambling’ contrary to the Federal Wire Act and agreed to forfeit $300 million.
Following the settlement with the US Justice Department, PartyGaming made its first tentative move back into the US market after the company purchased WPT Enterprise. David Jennings, Davy Stockbrokers analyst believes Anurag Dikshit’s decision to sell his holding could present new opportunities for the company :
“Under current U.S. law operators are unlikely to get licenses if any of their beneficial owners have criminal records. If they’re going to win a licence he is going to have to sell down his stake.”

Poker News
10 Apr 2017
Former Amaya CEO David Baazov has been selling off his shares in the Canadian gaming company, and at the end of last month had reduced his holding to 3.8% from 18.6% a year earlier. In the meantime, Hong Kong businessman Tang Hao has taken the opportunity to acquire a significant interest in Amaya, and after
23 Dec 2016
Despite Amaya owning PokerStars, the world’s largest online poker site, the Quebec-based company has had to endure a turbulent year in which the iPoker market has continued to stagnate. As a result, Canada’s biggest independent investment firm, Canaccord Genuity Group Inc, has now slashed Amaya’s target price from $42 to just $28. While lower target
06 Sep 2016
Greenlight Capital CEO David Einhorn has a proclivity for poker, with the 47 year-old hedge fund manager having won $5,152,863 playing in the World Series of Poker in Las Vegas. Of course, the billionaire promptly donated all his winnings to charity, which would be far beyond the expectations or capabilities of any professional player in
11 Nov 2015
Amaya Gaming, owner of the world’s biggest online poker room, PokerStars, announced its third quarter financial results at a conference call on Tuesday. News that the Canadian company’s third-quarter results were behind estimates, and that its full-year revenues would come in at around CA$1.446 billion to CA$1.564 billion in 2015, 11% to 14% lower than