SIR Michael Spencer’s IPGL investment vehicle could be in line for a cash windfall from the sale of its stake in Aim-listed gaming company Probability, which yesterday revealed it was in early talks with high-street bookie William Hill.
Probability was one of the early benefactors of the UK’s new takeover rules, which require company to identify potential bidder.
Shares in the company, which develops gambling platforms for electronic devices including smartphones, soared more than 40 per cent during trading yesterday after it said it is talks with the world’s biggest bookie.
The company’s market cap was boosted from £13m to almost £19m by yesterday’s close, after it told the stock market it was “in preliminary discussions with William Hill which may or may not lead to an offer for the company”.
Spencer (pictured) and his IPGL vehicle is Probability’s biggest shareholder, with 17.7 per cent of the stock – a stake valued last night at £3.25m.
Probability is chaired by ex-Butlins head Graham Parr and run by founding chief executive Charles Cohen. Cohen holds an 8.4 per cent stake in the company, the value of which was £1.53m yesterday.