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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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The Cleveland Cavaliers (12-7 SU, 6-12-1 ATS) may have turned their season around, but they’ve got a challenging matchup this Tuesday against the Miami Heat (9-9 SU, 7-9-2 ATS), tipping off at 7 PM ET on NBA-TV. Miami is 7-4 SU and 6-5 ATS against the Cavs since LeBron James went back to Cleveland in 2014.
Games Concept Day in Malta -
The Quickfire Games Concept Day is the second full-day workshop to date, the first being held in Gibraltar in July.
AFC’s fight against match-fixing -
The Asian Football Confederation (AFC) has introduced a new AFC integrity mobile application, which will enable fans, players and officials to report possible suspicious activities or provide information concerning match-fixing or corruption to the AFC Integrity Unit.
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