PartyGaming regains float price after recent slump
Wednesday 30th November 2005
PartyGaming has regained 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.
Then on September 6 came the company's warning that poker growth was 'moderating'. For the first time shares plummeted below the float price as the company lost over £2 billion pounds in market value -- one of the most dramatic losses in recent years.
Recovery for PartyGaming started 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.
Shares in PartyGaming were up 6.9% yesterday (29/11/05) at 117p ahead of the initial float price of 116p.