PartyGaming shares were down 6.6 pence to 115.75 pence in London morning trading. Even if the stakes are dribbled out over time, it's feared the market might still not look too kindly on the firm. ![]() Institutional investors are said to be concerned that a dumping of the founders' shares will pull down on PartyGaming's share price. The founders will have to keep a majority holding of the company until 2010 in order to keep their headquarters in tax-friendly Gibraltar. The pair's overall holding of 30.4% and 8.6% respectively, is worth $3.73 billion. The founders had been expected to offload their stakes since the end of May, when PartyGaming announced that Dikshit and Bhargavar would be stepping down from the board. The founders were previously said to be "locked in" to their holding until June 30 of this year, but a source tells us Dresdner Kleinwort Wasserstein has been able to "work around" the restriction so that the stake can be sold today. ![]() Touting a market capitalization of over $8 billion, PartyGaming was floated on the London Stock Exchange on June 30, 2005, netting Dikshit $785.8 million and Bhargava $114.8 million. Spawned in 1997, when Dikshit (pronounced Dixit) and Bhargavar were fresh out of Indian Institute of Technology, PartyGaming today handles nearly half the global online poker market.
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