 David Baazov, Amaya Gaming’s former CEO, has sold off another huge pack of shares of the company he was running before he was charged with insider trading in August last year.
On Thursday, Baazov announced that he’d disposed of 12million shares of Amaya over the past two days. Baazov sold the shares at an average price of $17, bringing his earning stunning $200.700.000.
This is a second dump of shares from Baazov this month: earlier this month he sold 7m shares of Amaya where he made $99.000.000. Together, Baazov has boosted his bank account by nearly $300mln this month.
Baazov owned around 24.6mln Amaya shares at the start of the month, but now holds only around 5.6mln, representing approximately 3.8% of Amaya’s issued and outstanding common shares.
Baazov commented he intends to use the cash from shares for “investment purposes.” Baazov recently revealed that he’d installed himself as chairman of Ahaka Capital, a new private investment firm. Ahaka’s first investment was in UVEye, a US firm that specializes in anti-terrorism technology.
Baazov’s initial purging of his Amaya holdings came just days after the company announced that it had amended its credit agreement with its primary lenders to fend off Baazov’s ongoing attempts to purchase Amaya and take it private. The amended deal required Amaya to immediately repay its $2.5b debt if “a certain current shareholder” made further acquisition attempts.
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David Baazov, Amaya Gaming’s former CEO, has sold off another huge pack of shares of the company he was running before he was charged with insider trading in August last year.
