Playtech’s founder Teddy Sagi is selling part of his Playtech holdings
Playtech plc (“Playtech,” or the “Company”) announced that it has been advised that Brickington Trading Limited (“Brickington”) is proposing to sell approximately 32.3 million ordinary shares in the Company (the “Placing Shares”) via an accelerated bookbuild through UBS Limited (“UBS”), Canaccord Genuity Limited (“Canaccord Genuity”) and Credit Suisse Securities (Europe) Limited (“Credit Suisse”) (the ” Placing”).
The Placing Shares represent approximately 10.0 per cent. of the Company’s issued share capital. Prior to the Placing, Brickington holds approximately 33.6 per cent of the voting rights of the Company. Following the sale of the Placing Shares, Brickington has agreed not to dispose of any further Playtech shares for a period of at least 180 days, subject to the consent of UBS as well as customary exceptions.
Brickington is a wholly owned subsidiary of a trust of which Playtech’s founder, Mr. Teddy Sagi is the ultimate beneficiary and the Placing is being undertaken in order to further diversify its investment portfolio. Brickington and Mr Sagi both continue to remain highly committed to the Company going forward and Brickington will continue to be Playtech’s largest single shareholder with a 23.6 per cent. holding if all the Placing Shares are sold. Assuming the Placing is fully subscribed, it will significantly increase Playtech’s free float and is expected to allow for increased liquidity in the trading of the Company’s ordinary shares.
Brickington has also agreed that the rights afforded to Playtech in its relationship agreement (“Relationship Agreement”) with Playtech will remain in place following the Placing such that the Relationship Agreement will now only terminate if the holding of Brickington (together with its associates) falls below 15 per cent. of Playtech’s issued share capital. Assuming the Placing proceeds, and the holding of Brickington (and its associates) falls below 30 per cent., Brickington will no longer have the right to appoint two non-executive directors of the Company under the Relationship Agreement. All other provisions of the Relationship Agreement will remain in place.
UBS has been appointed as Sole Global Co-ordinator and Joint Bookrunner and Canaccord Genuity and Credit Suisse have been appointed as Joint Bookrunners (together, the “Bookrunners”) in respect of the Placing, which will be launched immediately following this announcement through an accelerated bookbuild, open to certain existing and new investors. The final number of Placing Shares to be placed and the placing price will be agreed by the Bookrunners and Brickington at the close of the bookbuild process, and the results of the Placing will be announced as soon as practicable thereafter. The timings for the close of the bookbuild process, pricing and allocations are at the absolute discretion of the Bookrunners.
Source: Playtech
