SpringOwl, the activist investor of online gaming operator bwin.party, has announced the four representatives it intends to place on the company’s board.Run by US gaming analyst Jason Ader, SpringOwl is bwin.party’s second-biggest investor after it purchased a 6.1% stake from the operator’s founders when they divorced. Ader has since lowered his stake to 5.2%, according to a bwin.party spokesperson.
Although neither party has confirmed the four representatives, The Telegraph newspaper reported that Michael Fertik, a US technology entrepreneur, Francis Grady, founder of a law firm that specialises in US banking regulation, Kalendu Patel, a venture capitalist, and Steven Ritto, a well-known individual in the US gaming sector, have all been put forward.
Bwin.party said it will now circulate the details of SpringOwl’s proposed nominations to shareholders ahead of the operator’s annual general meeting, which is due to take place in Gibraltar on May 22.
The operator also said that SpringOwl has not identified its nominee under the terms of the ‘Relationship Agreement’ and therefore the proposed appointment of four directors would be in addition to the investor’s existing right to appoint a board nominee.
source : www.igamingbusiness.com
