Online gaming operator bwin.party has agreed to work with activist investor SpringOwl on the appointment of its new directors and has confirmed it will consider SpringOwl nominee Michael Fertik as a potential candidate.
To support the process further, SpringOwl has nominated David Silvers to the board under the terms of its relationship agreement with the operator.
SpringOwl said Silvers will take up his new position “as soon as practicable”.
The announcement comes after bwin.party last Friday announced a number of board changes to appease the situation with SpringOwl.
In accordance with the announcement, SpringOwl has withdrawn its four resolutions that were scheduled to be put to shareholders today (Thursday) at bwin.party’s Annual General Meeting (AGM).
SpringOwl submitted a number of resolutions, including its intention to place four representatives on the bwin.party board, ahead of the firm’s AGM.
SpringOwl gained the right to put forward a single nominee under the terms of the ‘Relationship Agreement’ it reached after it purchased a 6.1% stake from the operator’s founders when they divorced. The four other nominees would be in addition to the existing right.
However, bwin.party responded by recommending that its shareholders ‘vote against’ the resolutions due to the lack of information it received on the nominees proposed and that the resolutions would not be in the best interests of the company.
Philip Yea, bwin.party’s chairman elect, said he was pleased to have reached an agreement with SpringOwl and is now looking forward to working with the activist investor.
“I am pleased to be able to demonstrate common ground with SpringOwl and welcome its support,” Yea said.
“There remains much work ahead and, together with the rest of the Board, I look forward to working closely with SpringOwl as a significant shareholder in bwin.party and welcome Dan Silvers to the board as SpringOwl’s appointed nominee.”
Jason Ader, founder of SpringOwl, added: “We welcome the planned changes to the composition of the board announced last week and are looking forward to working with Philip Yea and the board over the coming period to ensure that this potential is both realised and translated into long-term value for shareholders.”
source : www.igamingbusiness.com
