PartyGaming, Plc. announced Mitch Garber, the company's CEO, sold 3,333,330 shares of the company today for 33p per share. The shares were those granted to Garber as part of the PartyGaming Share Option Plan, and he retained 4.5 million shares after today's sale.
Garber let PartyGaming know that this year he intends to sell a portion of the shares he will receive as a result of exercising share options granted to him under the Share Option Plan. His intent is to diversify his holdings.
To avoid speculation from the market from future sales, Garber has set out a planned sale program that has been approved by the PartyGaming board.
With that plan, Garber will sell shares during the last month of each quarter. The sales are also subject to share dealing code restrictions and prevailing market conditions.
As part of the planned sale program, Garber has agreed to maintain a minimum holding of 4.5 million shares while he is PartyGaming's CEO.
Martin Weigold, PartyGaming Group Finance Director, has also agreed to adopt a planned sale program for his shares.
Weigold will sell shares in the month following his quarterly vesting, with the same stipulations as Garber. He will also retain 3 million shares while in the group finance director position.
PartyGaming, which owns PartyPoker.com, just released a preliminary report of its 2006 profits yesterday. The company's shares slid 2% after it was announced the company's profit had dropped 56%.
PartyGaming Annual Profits Slide 56%
PartyGaming Closes to French
Mystery Seller Dumps PartyGaming Shares
PartyGaming Exec Previews Full-Year Profit
PartyGaming Acquires Two More Companies
PartyGaming Poker Revenues Rebounding
Leaving U.S. to Cost PartyGaming $250 Million