Former Amaya Inc Chief Executive David Baazov has reduced his shareholding in the Toronto TSX-listed firm to just 3.8% of common shares following the disposal of 12 million shares over the past two days.
Updating the market, Amaya informed that Baazov had sold 12 million shares at a target price of CAD $22.31, netting their former leader CAD $268 million (£160 million).
Baazov who is under investigation by the Quebec AMF on charges of insider trading relating to transactions carried out during his tenure as Amaya CEO, continues his disposal of personal equity in Amaya.
At the start of March, Baazov had carried out a sale of 7 million common shares in Amaya, earning him a reported CAD $130 million (£78 million) for the transaction. At present the reduction of Baazov in Amaya shareholdings leaves him with a 5.6 million commons shares (3.8% equity) in the TSX enterprise.
Updating stakeholders, Baazov informed that the share sale had been undertaken in order to raise money for ‘investment purposes’.
Following his official departure as Amaya Inc CEO in August 2016, Baazov representatives have communicated that the former company CEO has dropped all interest in his pursuit of a takeover of the company.