September 12th, 2011

Mark Davies, PR chief of Betfair, has taken a legal action against his former legal representatives. Davies has claimed that when he made an effort to sell shares in the group, the law firm Speechly Bircham charges him millions of pounds.

In July 2010, Mark Davies quit Betfair but his argument with Speechly Bircham continued on the ale of Betfair shares, as a trustee of 2 family trusts, it is claiming compensation for almost GBP four million.

This weekend, Daily Mail reveled High Court order, as per which, the trusts had initiated Speechly Bircham that after the Betfair IPO on the London exchange last year, they want to sell their shares, when the price was GBP 13 a share.

The writ further reveled that, in the year 2010 (October), when the shares cost almost GBP 15.50. Then Davies was informed that, because the shares are not properly registered so its not possible to sell them. Betfair shares have now dropped to only GBP 7.05. When approached by the newspaper, Speechly Bircham as well as Mark Davies refused to comment ion this matter.