Shortly after Playtech PLC (LON:PTEC) announced it expected that amounts due to it under an agreement with gaming company Ladbrokes PLC (LON:LAD) to be £75 million ($116.8 million), the two companies are attracting investors’ attention again. This time the piece of news relates to a shares transaction, as Playtech has markedly hiked its holding in Ladbrokes.
After a transaction conducted earlier today, Playtech now owns 98,589,095 shares, or 9.71% of the voting rights at Ladbrokes. This compares with a stake below 3%, that is, below the reportable threshold, ahead of today’s transaction.
On July 24, 2015, when Playtech published the official estimates about the sums due under the agreement with Ladbrokes, it also stated its plans to to subscribe for approximately 22.9% of the 9.99% equity placing announced by Ladbrokes that same day.
Ladbrokes’ shares are slightly up this morning, with one share trading per 118.44p at the moment of publication of this article.
Chart source: Google Finance.
To view the official regulatory filing about the transaction in Ladbrokes’ shares, click here.