Founders of Party Gaming Sell of 5 Percent of Shares

Anurag Dikshit, one of Party Gaming’s original founders sold off 57 million shares. This had the effect of shrinking his holdings in the company down to 28.95 percent. Another of Party Gaming’s founders, Vikrant Bhargava got rid of 67 million shares. He now owns 6.96 % of the company. Founders Russell DeLeon  and wife Ruth Parasol together unloaded 33 million shares. They now own 14.87 % of Party Gaming.
This sell-off that took place last week, amounted to all of 190 million shares. It involved all four of Party Gaming’s founders and is having a negative influence on the company’s stock this week. The fact that Dikshit and Bhargarva removed themselves from the company board of directors did not make things any better. While Dikshit said that he needed more time for focusing on product development, Bhargava had no explanation for his resignation as the company’s marketing director.
Barring reception of the agreement of investment bankers and brokers Dresdner Kleinwort Wasserstein,  the organization reports that the company’s directors will not sell off any of their remaining shares for the remainder of the fiscal year.
By repeating once again that the founders are required to hold on to a majority share until 2010, in order to maintain its beneficial tax status and to keep its Gibraltar base, Party Gaming acted to reduce public fears of further share sales.
If the founders are contemplating reducing their combined holdings to less than 50 percent, a year’s notice is required, according to a Party Gaming spokesperson.
All four of the company’s founders still hold 65.7 % of Party Gaming’s stock.

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