Gambling bosses at Ladbrokes owner GVC are celebrating a bumper £19.7 million pay day after cashing in from a share sale.
Chief executive Kenny Alexander and chairman Lee Feldman will pocket £13.7 million and £6 million respectively after offloading nearly three million shares between them.
The divestments, at £6.66 per share, sent GVC’s stock tumbling over 12% to 598p as investors were spooked by the news.
But Mr Alexander attempted to calm nerves, saying in a statement: “We have both held large personal shareholdings in GVC for a long time and continue to do so.
“Both of us remain fully committed to GVC and, whilst I continue to have the support of our shareholders, I’m here for the long term and at the very least I have a current plan that will take three plus years to accomplish.”
The share sale comes just days after GVC again warned it could shut 1,000 Ladbrokes shops following a Government move to cut the maximum stake for fixed-odds betting terminals (FOBTs) to £2.
GVC also saw revenue jump from £789.9 million to £2.9 billion in 2018 on a reported basis and rise 8% proforma at £3.5 billion, driven by a strong World Cup performance and the integration of Ladbrokes.
Mr Alexander added: “We reported excellent results earlier this week and we both remain convinced of the exciting prospects for the business. Therefore while we continue at GVC we will not reduce our holdings below the current levels.”
The duo continue to hold 1.5 million shares in GVC.