Founders of PartyGaming to Sell Shares

The founders of the wildly successful PartyGaming brand, including PartyPoker, the world's Number 1 online poker room and PartyCasino, a leader in the online casino industry, are selling a large portion of their ownership in the publicly listed company.

If you've wanted to own a piece of the most successful online gaming company in history, now is the time to buy as 8.75% of the massive company has just hit the trading floor. This news was delivered by broker Dresdner Kleinwort Wasserstein, who values the 8.75% of PartyGaming at nearly $1 billion!

The founders of the online gaming company include Anurag Dikshit (Chief Operations Officer), Vikrant Bhargavar (Marketing Director), Ruth Parasol and Ruth's husband, Russell DeLeon. All are multi-millionaires or even billionaires following the widely publicized PartyGaming float on the London Stock Exchange last year, where 28% of the company was sold to private buyers. The recent trading will see the float increase to 35%.

The recent announcement does not come as a surprise to all, following widespread predictions from industry analysts that a major share sale was on the horizon following the PartyGaming announcement in May that Dikshit and Bhargavar would be stepping down from the board. Between the two of them, they currently hold almost 40% of the company's shares, worth over $3.7 billion.

Any mass dumping of shares is likely to affect the trading price of PartyGaming shares, as supply temporarily outstrips demand, forcing a likely price drop. PartyGaming felt the effects of this prospect almost immediately, forcing a 17% reduction in share trading price from 115.75p to 6.6p in London morning trading, immediately following the announcement. This is good news for possible buyers, but concerning news for shareholders.

Ed Note: If you can't buy some shares, you can at least play at one of the biggest online casinos in the world, PartyCasino.

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