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O Shaked Family Sells Entire Stake in 888 Holdings
The reports that O Shaked family has decided to sell their full stake in 888 Holdings have generated an uproar on the London Stock Exchange.
The O Shaked Share Trust began the sale-off of even 46 million shares several days ago, which is actually an equity of 12.9%. The target price of $3.20 was set by the trust that represents the family members of late Aharon Shaked, who was one of the founders of the famous 888 Casino.
O Shakeds Still Remain the Biggest Stockholder
According to reports, the trust earned around $147 million and this is the second sale of their shares from the beginning of 2017. The first one happened in June and earned more than $130 million gross for selling 40 million shares.
The most recent action, however, gravely impacted the 888’s share value, which suffered a decline by 6% and now equals $3.19.
Notwithstanding the infamous sale, the family of Aharon Shaked’s brother Avi is still the largest shareholder in 888 Holding with 24% equity. Shay and Ron, the Ben-Yitzhak brothers, on the other hand, have sold a substantial allotment of their shares in 2016, thus lowering the family stake to 3%.
Not a Year to Remember for 888 Holdings
This was a tumultuous year for 888 Holdings, which, in addition, had to pay a $10.2 million fine for some severe faults in client protection.
A comprehensive investigation by the UK Gambling Commission unveiled a serious technical deficiency in 888’s system, which had caused even more than 7,000 members who had decided on self-exclusion, to gain access to their accounts.
The company was requested to pay a $5.5 million settlement, whereas $4.7 million was provided as a compensation to the self-excluded consumers.
Despite a corporate deficit of even $17 million during the first part of this year and unprecedented charges of $50.8 million in the same period, the company succeeded in recording a 9% year-on-year rise in its profit.