Scientific Games Corp chairman Ronald Perelman spent nearly US$4.54 million last week to acquire an aggregate of 200,000 shares in the company, according to separate filings with the U.S. Securities and Exchange Commission.
Mr Perelman acquired a first tranche of 100,000 shares of Scientific Games at an average of US$22.41 per share, according to one of the filings. The second tranche was acquired at an average of US$22.98 apiece, according to a second filing on Monday.
The executive controls – via direct and indirect holdings – slightly more than 39 percent of the firm’s common shares.
United States-based Scientific Games is a manufacturer and supplier of gaming equipment to both the casino industry and lotteries worldwide.
In June, Mr Perelman spent more than US$6 million to acquire slightly above 300,000 shares in aggregate in Scientific Games. Since December 27, the executive – via his holdings – has spent US$17.5 million buying shares in Scientific Games.
Scientific Games said in August that its consolidated adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) fell by 1.5 percent year-on-year to US$335 million in the second quarter of 2019. The company posted a net loss of US$75 million in the three months to June 30, compared with a US$6-million loss registered in the second quarter of last year.
Scientific Games completed in May the initial public offering (IPO) of a 17.4-percent minority interest in SciPlay Corp, raising more than US$400 million. The company said it received US$301 million in proceeds from the offering, which it would use to pay down net debt, which stood at about US$8.80 billion at the end of the first half.
(Updated at 9.20am, Sept 24, to include information on latest share transaction)
