Sagi’s Brickington Subsidiary Disposes of Further 10% in Playtech

The gambling software developer Playtech officially revealed that it has been advices that the subsidiary Brickington Trading Limited is proposing to sell about 32 million shares in Playtech via accelerated bookbuild through UBS Limited, Goodbody Stockbrokers and Shore Capital Stockbrokers Limited. The placing shares represent about 10.1% of the issued share capital of the gambling software supplier.

Currently, Brickington Trading is a subsidiary that is fully-owned by a trust, which is serving the needs of Playtech’s founder Mr. Teddy Sagi. The shares placing is initiated in order to diversify the investment portfolio of Mr. Sagi and his family and also, to help the financing of a significantly increased focused on real estate and investments related to real estate in respect of more flexibility as long as working hubs and e-commerce is concerned.

At present times, about 17.8% of Playtech’s voting rights are held by Brickington. As soon as the sale is finalised, the subsidiary would have its share cut by more than 10% to 7.7% of the issued share capital of Playtech. Still, the company has reached an agreement with the trust’s subsidiary not to sell any more shares of the gambling software developer for no less than 180 days. The agreement was subjected to get the consent of UBS Limited and to some customary exceptions.

At the end of November 2016 when the secondary placing by Brickington was carried out, the subsidiary made a deal relationship deal with Playtech, under which the agreement would be ceased in case that the share holding of Brickington gets smaller than 15% of the issued share capital of the company.

Under the latest share disposal, Brickinton will hold a share of about 7.7% in Playtech’s issued share capital after the placing. Due to this fact, the Relationship Agreement between Playtech and Brickingtone would be ended under the terms following the placing completion. Still, the professional arrangement between Mr. Sagi and Playtech, which involves advisory service provision to the gambling software supplier, will remain intact after the completion of the placing.

The three companies through which the accelerated bookbuild is to be carried out – Shore Capital, Goodbody and UBS – have been appointed as Joint Bookrunners in terms of the placing. The latter is expected to be officially launched immediately after the announcement through an accelerated bookbuild that would be available for certain existing and new investors. The final number of placing shares to be offered and their price is expected to be agreed by the afore-mentioned companies and Brickington at the ending of the bookbuild process.

Also, the results of the placing are to be announced as soon as possible. The end of the bookbuild process, as well as the pricing and allocation are at the absolute discretion of the afore-mentioned companies, called Bookrunners.

  • Author

Olivia Cole

Olivia Cole has worked as a journalist for several years now. Over the last couple of years she has been engaged in writing about a number of industries and has developed an interest for the gambling market in the UK.
Daniel Williams
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