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PartyGaming CEO halts share sale, takes options
Mon Nov 26, 2007 1:06 PM GMT
LONDON, Nov 26 (Reuters) - The world's biggest listed online gaming firm, PartyGaming (PRTY.L: Quote, Profile , Research), said on Monday its chief executive, Mitch Garber, had taken options for 3.5 million shares and reversed previous plans to sell a chunk of stock.
Under his planned sale programme, Garber was to have sold shares between Dec. 19 and Dec. 31. He now holds 8.75 million shares in the firm, more than double the amount he is obliged to hold under his contract.
PartyGaming is waiting for a decision from U.S. authorities on its punishment for taking bets from U.S. gamblers last year before the law was clarified in October.
PartyGaming shares were up 2 percent by 1255 GMT. (Reporting by Marc Jones; Editing by Paul Bolding
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