London Stock Exchange begins trading of Playtech shares
Shares of Playtech Ltd. are now being traded on the Main Market of the London Stock Exchange.
The software designer and supplier announced last month that it had applied for its shares to be moved from the Alternative Investment Market (AIM) in favor of the Main Market with the move taking place Monday.
Playtech admitted 289,287,628 ordinary shares onto the Main Market under the ticker symbol PTEC with AIM trading of its shares now canceled. Mor Weizer, CEO of Playtech, said the company's listing on the London Stock Exchange "marks a significant milestone in Playtech's continued development."
Playtech's market capitalization is about $1.56 billion, company officials said.
The company supplies software and content to dozens of online and land-based gaming companies worldwide, including William Hill PLC. Playtech owns 29 percent of William Hill Online, which concerns Nevada gaming regulators.
The full integration of William Hill's business may be delayed because of its joint venture with the Israeli company. Playtech is 45 percent owned by Teddy Sagi, who served almost 18 months in an Israeli prison for fraud and bribery in the 1990s.
William Hill executives have said Sagi has no day-to-day control of Playtech or involvement with the company's online venture, which is operated out of Gibraltar, where Playtech is licensed.
Playtech's future in Nevada will be determined after an investigation into the company as part of William Hill's efforts to get its online division licensed here.
Contact reporter Chris Sieroty at csieroty@reviewjournal.com or 702-477-3893.
