Former PartyGaming marketing director Vikrant Bhargava on Thursday cashed in 160 million shares worth an estimated £50 million (US$97.8 million), which comprised just over half of his remaining 7 percent stake in the company.
Global financial services firm UBS valued the shares at 30.5p each--a 3.25 discount to Wednesday's closing price--and demand was reported to have been so great that the orders were filled five minutes before trading began.
Party shares dropped 1.5p (4 percent) following the news to close at 32.25.
The sale comes two weeks after Party awarded certain of its key staff members £40 million ($78.04) in cash bonuses.
Company founders Ruth Parasol, Russell DeLeon and Anurag Dikshit reportedly dipped into a £1 billion ($1.9 billion) sum acquired at the time of Party's 2005 flotation on the LSE to inject $78 million in share value into the existing employee benefit trust.
Under the new pay scheme, leaked on the last trading day of 2006, CEO Mitch Garber will receive £19 million ($37 million) if he stays until 2009, while finance director Martin Wiegold will receive £5.6 million ($10.9 million) if he stays until the end of 2008. Another £15 million ($29.2 million) will be disbursed among other employees.
Dikshit, a fellow student with Bhargava at the Indian Institute of Technology, still owns 29 percent of the company. Parasol and DeLeon each retain a 15 percent stake.