Multiple members of the Entain Board have made significant purchases of Entain shares, with the five individuals involved now holding a combined 380,145 company shares. This now puts the overall number of shares held by the Entain Directors and their close associates at 665,682, equating to roughly 0.1% of Entain’s issued share capital.
The most notable share purchase came from Chairman of the Board Barry Gibson, who purchased close to 93,700 shares, equating to £870,000 ($1.07m) of the company’s shares.
Senior Independent Director Stella David also acquired nearly £900,000 of shares, bringing her personal total to over 95,000.
CEO Jette Nygaard-Andersen has doubled her share count, going from just shy of 31,000 shares to nearly 65,400 shares.
Entain reported a group net gaming revenue (NGR) was up 7% from this time last year for Q3. This may explain the increased share purchases. However, the news also came swiftly following yesterday's report that a 5.2% shareholder stake increase was made by US-based fund management group Dodge & Cox, whose stake in the company now lies at 10.33% – double what it was before.
It is uncertain whether Tuesday’s purchases reflect a successful Q3 or a response to the shareholder stake acquisition by Dodge & Cox. On the Q3 results, however, CEO Jette Nygaard-Andersen said: “Entain has undergone a profound transformation over the last few years, and now has strong foundations from which to move into its next phase of growth.”
The company last week revealed plans for its upcoming growth strategy, with acceleration initiatives set to take place in the US, Brazil and New Zealand among other territories.
