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  "documentTitle": "Playtika Holding Corp. (PLTK)",
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      "text": "Transactions with our Controlling Stockholder and its Affiliates ...... Dividend Paid to Playtika Holding UK “In August 2019, we issued a $2.4 billion cash dividend to Playtika Holding UK. Distribution of LaGuardia Venture Limited Shares In September 2019, we distributed all of our shares in LaGuardia Venture Limited, or LaGuardia, an investment company which made investments of $400 million in 2018, to Playtika Holding UK.”",
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      "text": "It Is Not A Good Sign When A Company Distributes A Large Portion Of Assets To Insiders Shortly Before IPO",
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      "text": "Ownership structure of Playtika following the closing of this offering",
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      "text": "The controlling shareholder Playtika Holding UK (owning 79.8% after PLTK’s IPO) is 100% owned by Alpha Frontier Limited, a company formed under the laws of the Cayman Islands. PLTK did not provide further ownership structure of Alpha Frontier Limited, but did state that “Alpha is indirectly controlled by Giant Investment Co., Ltd., which in turn is controlled by Yuzhu Shi. The detailed ownership structure of Alpha Frontier Limited gives a better picture of where that $2.8 Billion distribution went.",
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      "text": "One thing that immediately caught our attention in PLTK’s IPO prospectus is the $2.2 billion debt as of September 30, 2020. The company had relatively good cash flow throughout the years and it is untypical for online gaming companies to carry huge amounts of debt on their balance sheet. But in 2018 and 2019 PLTK distributed a combined $2.8 billion to its controlling shareholder, Playtika Holding UK II Limited (“Playtika Holding UK” thereafter).",
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      "text": "In August 2019, we issued a $2.4 billion cash dividend to Playtika Holding UK. In September 2019, we distributed all of our shares in LaGuardia Venture Limited, or LaGuardia, an investment company which made investments of $400 million in 2018, to Playtika Holding UK. — PLTK Prospectus",
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      "text": "Source: PLTK Prospectus",
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