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Keeping a Close Watch on the Paddy Power-Betfair merger
Monday September 7,2015 : MERGER DISCLOSURES MAKE THE IRISH PRESS
Large loans and payments reported.
The Irish press is clearly keeping a close watch on the disclosures in the Paddy Power-Betfair merger reporting over the weekend that in April 2014, the group gave a loan of Euro 609,529 - without requiring any collateral or guarantee and without any interest attached - to a member of its executive management team who has not been named.
Asked for comment, the company said the individual concerned had been transferred overseas and has since repaid the loan.
The disclosures apparently also revealed that Paddy Power non-executive director Stewart Kenny, a co-founder - was paid Euro 200,000 in 2013, and again in 2014, for consulting fees not linked to his role on the Board.
A further disclosure reported that charges of Euro 404,425 were paid for advice from the Arthur Cox law firm; one of the partners in the firm, Padraig O'Riordain, is also a non-executive director on the Paddy Power board.
Paddy Power set share price records in Ireland this week, breaking the Euro 100-a-share level in a first for any main market Irish Stock Exchange company and creating about 200 new paper millionaires among shareholders.
The forthcoming merger between Paddy Power and Betfair will create a company valued at Euro 1.2 billion and a serious rival for market-leader Bet365, which is worth around Euro 1.7 billion according to media reports.
Oink Country Love Slot Launches -
Oink Country Love will have players tapping their feet to the country beat with the lovable Oink Bros, Willy and Chancho, who are trying to win over the heart of Miss Southern Charm in this five by three reel, 45-line online slot.
Tim Chung Wins MPNPT Manchester -
The 288-runner £550 MPNPT Manchester Main Event today crowned its champion, awarding the bulk of the £150,000 total prizepool to the nine players surviving after two days of tournament poker at the Grosvenor Casino.
MPNPT Manchester Day 2 -
Day 2 of the £550 MPNPT Manchester Main Event saw 60 Day 1 survivors (from a total of 288 entries) and three intrepid last-minute registrants sit down to play to the final table.
Day 1B MPN Poker Tour Manchester -
Day 1B of the £550 MPNPT Manchester Main Event saw the field rise to 285, as players took full advantage of the whole-day re-entry period.
Day 1A MPNPT Manchester -
The £150,000 guaranteed MPNPT Manchester kicked off today in style – 74 poker players from all over Europe arriving at the Grosvenor Casino to contend the first of two starting days
Kung Fu Rooster Slot Goes Live -
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Sensational Sixes Slot Goes Live -
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3 New Betsoft Slots -
3 new Betsoft slot Games were also added this week to most online casinos allowing US players.
2017 Bodog Super Millions Poker Open -
The first events on the 105-tournament schedule have already been completed; there are three more tourneys on Thursday’s schedule, with a total of $34,000 in guaranteed prize money waiting to be won.
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