Co-Founder's Family Sells Entire Stake in 888 Holding
The news that O Shaked family has sold its entire stake in 888 Holdings has caused quite a commotion on the London Exchange.
A couple of days ago, the O Shaked Share Trust commenced the sale or sale-off to be precise, of 46 million shares, representing an equity of 12.9%. The trust, which acts on behalf of the family members of late Aharon Shaked, one of the founders of 888 casino , set the target price of $3.20.
O Shakeds Remain The Largest Shareholder
According to available information, the trust took home around $147 million. This the second sale of the O Shaked family shares this year, while the first one back in June grossed more than $130 million for 40 million shares.
The latest move reflected on 888’s share price which dropped by 6% to $3.19.
Despite this sell-off, the family of Aharon Shaked’s brother Avi will remain the largest 888 Holdings shareholder with an equity of 24%. The Ben-Yitzhak brothers, Shay and Ron, have sold a large portion of their shares last year, reducing their family stake to 3%.
A Year to Forget
The Gibraltar-based company has experienced a tumultuous year. Due to serious flaws in consumer protection, 888 Holdings received a record fine of $10.2 million.
The UK Gambling Commission issued a fine last month after the thorough investigation revealed a technical failure in 888’s system had allowed more than 7,000 self-excluded members to access their accounts.
888 Holdings was ordered to pay a settlement of $5.5 million, while $4.7 million was given back to the self-excluded customers.
The company reported a corporate loss of $17 million in the first half of the year, citing exceptional charges of $50.8 million in this period. Still, it managed to record a 9% year-on-year rise in its revenue.