Mystery seller dumps PartyGaming shares

Rising PartyGaming, Plc. share prices was good news yesterday for the company who has seen its prices plummeting drastically. However, one shareholder took the rise as a good opportunity to sell about £50 million of the stock.

The shares were sold via Morgan Stanley, and the seller's identity is a bit of a mystery.

According to the Times Online, some dealers speculate the bundle of 123 million shares that were sold came from Orbis, a Bermuda-based fund. The company is believed to have bought the stock when Vikrant Bhargava sold some of his in January.

The shares had seen a 3.25p rise early yesterday as investors anticipate the company's annual results being impressive. PartyGaming, which owns and operates PartyPoker.com, is set to release its annual report Thursday.

Though the stock prices rose to 43p, after the big sell-off of stock, prices dropped back down to where they had started on the day.

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