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Javaid Aziz calls for Extraordinary General Meeting
The former CEO of online gambling software provider Cryptologic, Javaid Aziz, is pressuring the company for an Extraordinary General Meeting of shareholders. Aziz, who holds 12.5 percent of the company's stock, has enlisting the support of other shareholders, and has been critical of the direction in which the company is headed.
He recently sent a letter to the board expressing his view that the company should promptly execute on a
recovery plan designed to stabilise revenues, streamline size and operations, achieve cost reductions, more effectively manage cash flows, and take other steps to improve operating and financial performance.
Aziz, who was chief executive of Cryptologic between April 2007 and February 2008, additionally asked for two board nominees in his original demands for better performance from the company, but this was rejected by the board of directors, who felt that the current management was already engaged in addressing some of the criticisms raised by Aziz.
This appeared to be the case last month, when the company announced some $13 million in operating cost cuts and forecast net profits of $9 million - $10 million for 2009.
Aziz stands to benefit if there is a change of management control at Crypto prior to the end of April 2009. In addition to a GBP1.2 million departure cheque, his farewell agreement included a clause entitling him to an additional bonus of Euro1.5 million should that situation eventuate.
A CryptoLogic spokesman said that Aziz's latest letter was under review by the board of directors.
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Gambling News :
Phil Ivey Loses Borgata Casino -
Phil Ivey has lost in his four-year legal tussle with the Borgata over baccarat winnings; on Friday a US federal judge ruled that he and a companion violated New Jersey state gambling regulations in the manner in which they won nearly $10 million playing at the Atlantic City casino.
NYX Gaming in deal with Endemol -
"Endemol Shine’s IP will be a strong addition to the NYX portfolio of content and we look forward to working together to bring additional instantly recognizable brands to market.”
NEW CAMBODIAN GAMBLING LAWS -
After more than two years of debate and drafting, Cambodia may be closing in on final agreement regarding its proposed gambling law changes.
Playtech Acquires ECM Systems -
Online gambling soiftware provider Playtech plc has announced the acquisition of a ninety percent stake in UK bingo software developer ECM Systems for a consideration of GBP 14.9 million.
Marks and Spencer store Manager steals to Gamblie Online -
The Cambridge News reports that a 28-year-old manager of a Marks and Spencer store, Martin Trenor, has been jailed for three years for stealing GBP 254,538.11 in shop takings over the course of a year and spending it almost immediately at online gambling websites.
Chinese Gambling crackdown could damage high roller revenue -
Fast-moving events this week have seen Australian media reports quoting hundreds of millions of dollars wagered by Chinese high rollers in Aussie land casinos, offset to some extent by Crown claims that this whale gambler" demographic generates only 12 percent of turnover.
EvenBet Open Face Chinese Poker -
Open Face Chinese Poker online games provider EvenBet has reported that its Open Face Chinese Poker product is gaining traction with games recently integrated for desktop action at the Malta-licensed operational site Poker Grant.
2016 EPT Malta -
The European Poker Tour is off to a good start in Malta, with German pro Dietrich Fast claiming a well-earned Euro 174,000 main prize in the Euro 10,000 buy-in Single-Entry Rebuy event.
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