Playtech shares today fell 8.71p to 851p.
On Tuesday, Playtech announced that Sagi's trading arm Brickington Trading Ltd planned to sell 32.3m Playtech shares, representing 10% of the company's issued share capital. It was announced today that Brickington has offloaded a total of 38.7 million shares in Playtech at 850 pence per share.
Brickington is a wholly-owned subsidiary of a trust of which Playtech's founder, Teddy Sagi, is the ultimate beneficiary. The FCA had reportedly demanded that Sagi sell a significant chunk of his Playtech shares. The number of shares sold surpassed the initially announced 10% of the company's float. Sagi is expected to receive an earn-out of approximately £294 million, at present Playtech Plc has a market cap of £2.94 billion. When the sale of Sagi shares is complete, Brickington has informed that it will not sell any more of its client's equity for at least 180 days.
The sale went off at 850p per share, about 7% below Tuesday's closing price of 919p, netting Sagi around £329m.
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The total interest of Brickington now amounts to 69,582,169 ordinary shares. Last month he bought Holborn Links, an estate of 34 properties in the capital.
Brickington Trading Limited, the largest shareholder in Playtech, has sold 12% of its stake in the company. His investments include Camden markets landlord Market Tech.
Recently, the company announced that it would venture even further in the financial world with the acquisition of B2B technology company Consolidated Financial Holdings (CFH) for a total consideration of $120 million.