Quite a few anonymous managers and employees of 888 Holding plc, about to hold an IPO in London, will become millionaires. The company’s employees own approximately 10% of 888 Holding, which is due to hold an IPO at a company value of $1-1.3 billion. The Shaked brothers and Ben-Yitzhak brothers control the online gaming company. British daily “The Independent” today revealed that 888 Holding employee and shareholder Ofer Lazovski will make up to £3.5 million ($6.3 million) from selling some of his shares.
“The Independent” correspondent Rachel Stevenson writes that 888 Holding CEO John Anderson will make up to £2 million ($3.6 million) from selling shares in the company’s IPO.
“The Independent” writes, “He (Anderson) has been awarded a 0.5% stake in shares as a bonus for steering the company to its planned £546-714 million flotation at the end of the month, and will be awarded another 0.5% over the next four years. Of the 1.6 million shares he is receiving now, he is cashing in 960,000 in the float, which will net him up to £2 million.”
On the basis of the reported range of 888 Holdings’ company value for the IPO, Anderson will make $2.8-3.6 million from the sale of shares, and will still own shares worth $1.9-2.5 million, considerably less than previous estimates.
“The Independent” writes, “The company's prospectus, published yesterday, also reveals Mr Anderson is to receive £475,000 ($860,000) a year in basic salary, with the potential to receive an additional £950,000 ($1.7 million) as a cash bonus if he meets performance targets. He will also receive a 15% contribution to his pension fund and reimbursement for rent on an apartment in Gibraltar, where the company is based.”
“The Independent” writes, “Marie Stevens, the newly appointed chairman, is investing £250,000 ($450,000) of her own funds in shares at the float. She gets a £140,000 ($250,000) salary.” She was appointed 888 Holding’s chairperson on the strength of her great experience accumulated as a regulator of online gambling.
Published by Globes [online], Israel business news - www.globes.co.il - on September 20, 2005