Online gaming company Playtech Cyprus Ltd. (AIM:PTEC) announced on Friday that global money manager Fidelity International Ltd. reached a 9.99% stake in the company.
This is not the first time that Fidelity International has been a party at interest in Playtech. The huge equity fund apparently knows how to adapt to changes in the company's share price; in other words, sell shares when the price is high, and buy shares when the price is low, minimizing losses (if any) at the same time.
Fidelity International is just one international money manager that is a party at interest in Playtech. Blackrock Advisors is another. The stake of Playtech founder and controlling shareholder Teddy Sagi is worth $676 million.
Playtech is due to publish partial results for the second quarter in two weeks. The company only publishes biannual financial reports.
Playtech's share price fell 0.3% on London’s Alternative Investment Market (AIM) Friday to ₤4.585, giving a market cap of ₤1.11 billion. The share price has fallen 16% over the past three months. Fidelity International's stake is worth ₤111 million (about $170 million).
Published by Globes [online], Israel business news - www.globes-online.com - on July 11, 2010
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