|Investors in online poker operator, Empire Online, lost out when the companies shares dived 20½ to 153p on its second day of trading.|
Empire raised £123m in London on Wednesday at 175p a share, with its Israeli chief executive Noam Lanir pocketing £50m from a transaction associated with the Aim float.
Jag Mundi, head of corporate finance at Numis Securities, Empire's adviser, said: 'We have been caught up in the cross-fire over the PartyGaming float. There's a lot of talk over whether their float will succeed or fail or whether they will have to cut their price again.'
He said the Empire business, chaired by Stanley Leisure founder Lord Steinberg, was 'the same as it was when it floated' but had been hit by PartyGaming cutting its planned listing price.
Of the cash raised by Empire at the float, only £18m was for the company, with the rest pocketed by the owners, who still have more than 75pc of the group, now valued at £448m.