Hedge fund Elliott Advisors earns £59m after selling down stake in Game Digital

 
Kasmira Jefford
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GAME Digital’s US hedge fund owner Elliott Advisors has pocketed £58.5m after selling a chunk of its stake in the video games retailer, dragging shares down yesterday.

Liberum Capital revealed yesterday it had sold 22.5m shares held behalf of Elliott Advisors through a Luxembourg-registered investment vehicle, Duodi.

The tranche of shares, which was sold through an accelerated bookbuild, represented a 13.2 per cent stake in Game, leaving the firm with a 48.3 per cent shareholding.

Elliott Advisors rescued Game from bankruptcy two years ago in a buyout fronted by Henry Jackson’s turnaround firm Opcapita.

The retailer, which has 560 shops in the UK and Spain, returned to the stock market in June, but priced its shares at the bottom end of its price range after a string of IPOs led to fatigue in the market.

Game’s shares, which have risen 35 per cent since the float thanks to strong trading, fell 4.5 per cent last night.

BEHIND THE DEAL
LIBERUM CAPITAL | CHRISTOPHER BRITTON

1 A qualified solicitor, Christopher Britton joined Liberum in 2011 after completing a secondment from law firm Jones Day.

2 Britton has worked across various sectors from metals & mining to real estate including the ENRC’s IPO in 2007 and on West End property group Shaftesbury’s £157m placing this year.

AWAY FROM WORK…

As well as graduating with a First from Oxford University, Britton won a golfing Blue for his performance on the fairway. He also won the AJ Herbertson Book Prize for his dissertation on risk management.

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