PartyGaming Show Recovery
PartyGaming has recovered its float price just 13 weeks after it’s warning on poker growth knocked over £3 billion from its market value.
After a high-profile £4.6 billion London flotation in June, PartyGaming saw its market value soar to over £7 billion.
On September 6 2005 PartyGamings warning that poker growth was 'moderating' led for the first time to shares plummeting below the float price as the company lost over £2 billion pounds in market value -- one of the most dramatic losses in recent years.
The recovery for PartyGaming has begun after the split with former partners such as Empire Online led to a more competitive strategy, and the removal of any litigation threat from Empire also lifted the share price.
PartyGaming share were up 6.9% yesterday (29/11/05) at 117p ahead of the initial float price of 116p.
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Editor, Jackpot.co.uk - 2005-12-01 10:36:56