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DATE: May 26 2012
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Poker.co.uk - Poker News Archive

Wednesday 28th November 2007

PartyGaming CEO Increases Share Holding to Allay Fears

The man at the top of Party Poker has tried to lead by example, aiming to reassure ailing confidence amongst investors in PartyGaming. Instead of continuing with his planned sale of his stock, Garber decided to take options for 3.5 million shares.

Garber was due to sell shares between 19th and 31st December, but with his latest purchase he now owns 8.75 million shares – well over double the number he is compelled to own as CEO.

The latest purchase is clearly signalling Garber’s confidence in the long term future of PartyGaming, which has suffered recently after the introduction of the UIGEA. There has certainly been a lot of speculation about the potential sale of PartyGaming, with the option of the company being sold and taken private. Doing this would allow the poker room to reopen its doors to the US market, and would make Garber a lot of money along the way.

There has also been growing momentum in the US for the UIGEA legislation to be reversed, which would also see shares in PartyGaming increase sharply.

The news of the investment will certainly reassure current investors, and hopefully may see a resurgence in the company’s fortunes.

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Source: OnlineCasinoNews

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