logo-loader

Playtech sells entire 10% shareholding in online trading platform Plus500 for about £176mln

Published: 08:18 07 Sep 2018 BST

Trading software
The move comes a day after a group of individual founding shareholders in Israel-based Plus500 sold an 8% stake in the company

Playtech PLC (LON:PTEC) has sold its entire 10% shareholding in online trading platform Plus500 Limited (LON:PLUS) for about £176mln, giving no details on the buyer.

The announcement comes a day after a group of individual founding shareholders in Israel-based Plus500 sold an 8% stake in the company, at a price of 1,550p each, citing "significant demand from a small number of institutional investors".

READ: Playtech surges as market looks beyond its struggles in Asia

Playtech, best known as a gambling software maker, said it had sold 11.4mln Plus500 ordinary shares, also at a price of 1,550p each, representing about 9.99% of Plus500's issued share capital. Plus500 shares closed trade on Thursday at 1,608p.

The FTSE 250-listed group - which also owns Markets.com - said the share sale will not impact its entitlement to the interim dividend announced by Plus500 on August 13 - which equates to about US$16mln.

Playtech added that the sale proceeds will be used to reduce debt and other corporate purposes.

Plus500 which provides an online platform for retail investors to make bets on financial markets through contracts for differences said on Thursday that after the stake sale by its founders, Alon Gonen, Gal Haber, Elad Ben-Izhak, Omer Elazari and Shlomi Weizmann, they would still own about 8% of the company.

Caledonia Mining tackles 2023 challenges with optimism for 2024 as it...

Caledonia Mining Corporation PLC (AIM:CMCL, NYSE-A:CMCL) chief executive Mark Learmonth tells Proactive's Stephen Gunnion the company faced a challenging 2023, primarily due to poor production in the first half of the year at its core asset, the Blanket Mine in Zimbabwe, and an underperformance...

1 hour, 11 minutes ago