888 Holdings Largest Shareholders Pocket $187M in Share Sales

Publish: 07.06.2017

The Shakend family have made good use of the fact that 888 Holdings share price reached an all-time high in value of $5.2.

888 Holdings’ largest shareholders have pocketed a reported $187 million after selling 40 million shares in the FTSE250 listed online gambling group, which boasts one of the most popular casino venue in Canada – 888 Casino.

Major Share Sale

The Shakend family went through the share sale last week, signing off their stake in the company at a value of $4.68. The family’s combined shareholding has now been reduced to 375 of equity.

The latest developments have sent the rumors flying around, suggesting that share sales may as well lead to Shaked family selling or merging the 888 assets.

Giant gambling geoups seeking to expand their business and to bolster the footprint at certain markets would find 888 Holdings an attractive proposition and the Shaked family would not have any problems selling the remaining stake in the company.

Shaked family members are renowned investors in new technologies. Their representatives offered no official comment or explanation on the purpose of the share sale.

However, the fact 888 is currently being investigate buy the UK Gambling Commission might have been a crucial factor.

Perilous Times

It was middle of the march when 888 Holdings announced the company has come under investigation by the UK Gambling Commission for compliance breaches relating to mandatory self-exclusion policy across its gaming platforms.

The United Kingdom’s national regulatory body continues to examine operators, their operational licenses and codes of practice and the 888 review is said to be conducted with relation to the manner in which a subsidiary of 888 Holdings has carried on its license activities.

888’s social responsibility to the customer has also a subject of investigation.