GVC Sell Shares to “Satisfy The Demand from The Institutional Buyer”

The CEO Kenny Alexander and the Chairman Lee Feldman of GVC Holdings have sold just short of three million shares in the company between them. CEO Alexander has sold just over two million shares at a price of £6.66 ($ 8.71) each, retaining 666,666. Meanwhile, Feldman has sold 900,000 shares at the same price, retaining 287,408.

When Gambling Insider contacted to GVC to know about the matter, a GVC spokesperson said to us: “The sale was to satisfy demand from an institutional buyer”. Gambling Insider got to know about the personal reasons of Alexander for choosing to sell but, as stated on the GVC website, he and Feldman remain dedicated to seeing out the Ladbrokes Coral project with GVC.

Neither of them has the intentions to lessen their holdings any further and harbor long-term aims with the operator. Gambling Insider obtained an exclusive report that shows Alexander’s shareholding as a percentage of his fee or salary is still eight times higher than the gaming industry average whereas CEO Feldman’s holding is four times higher than the sector average.

Speaking exclusively to Gambling Insider this week, Alexander said he is “obviously disappointed” with the company’s current share price but believes the operator “can do no more than what we’re doing.” Also, for 2018, GVC has reported really strong financial results, with the growth in its pro forma net gaming revenue 8% to £3.5bn.

In December, Alexander told Gambling Insider of his ambition to raise GVC’s share price to £20 within three years. Moreover, in GVC, the shares were down to £5.88 from £6.50 this lunchtime when trading opened.