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IGT Ader Proxy Saga Interesting Turn

Tuesday July 2,2013 : IGT - ADER PROXY SAGA TAKES AN INTERESTING TURN
 
Concessions made from both sides
 
Our readers will recall the bitter in-fighting and at times unsavoury tactics deployed during a public proxy contest prior to International Game Technology's 2013 annual meeting of shareholders where the Ader Group attempted to win four seats on the IGT board, eventually gaining only one.
 
The proxy contest driven by Jason Ader and former IGT CEO Charles Mathewson saw acrimonious and hostile attacks launched through public statements by both sides.
 
However, the saga has seemingly taken a turn as IGT's latest statement says it has reached agreement with members of the Ader Group who have agreed to observe certain (unspecified) standstill provisions for four years.
 
Additionally all claims related to the proxy contest will be released by both sides and IGT will reimburse the Ader Group for expenses incurred in the Proxy challenge up to an amount of $2.5 million.
 
In a surprising turn-around, the Ader Group has impressed that it "strongly supports IGT's current direction and recognizes the significant contributions under the leadership of Patti Hart, her management team and the Board of Directors to advance the Company's business, strategy and corporate governance practices."
 
In return, IGT has said it acknowledges that Charles Mathewson was instrumental in driving IGT's leading market share and creating significant shareholder value, during a dynamic growth phase for the Company and the industry.
 
In the lead up to the shareholder vote, IGT issued a statement accusing Mathewson of questionable compensation conduct during and after his 17 year tenure as IGT's boss

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Gambling News :

Amaya FY2016 Trading Update - The Montreal-based Amaya online gambling group has issued a trading update covering FY 2016 and improving its forecast revenue and earnings numbers.

Another Mega Fortune Dreams jackpot for Euro 3.5 million - In a statement Friday NetEnt advised that the lucky player is a 62-year-old woman from central Finland who won the seven-figure sum from a Euro 1 stake.

Stanleybet has filed a legal action against the government of Cyprus - Bookmaking firm Stanleybet has filed a legal action against the government of Cyprus, claiming Euro 12.5 million as compensation for what it claims is loss of profits and opportunities, prejudice to image and business reputation and legal costs.

LeoVegas To Sponsor Leicester Tigers - The agreement includes official partner accreditation, media space at Welford Road stadium and matchday tickets and VIP hospitality as well as two pitchside perimeter boards from the 2017/18 season and one for duration of the 2016/17 season.

Optima Information Services iShop - Industry visitors to the recent TVC Bookmakers Trade Fair in Solihull, UK were much taken by Spanish betting technology firm Optima Information Services' iShop product, and the company went on to win the SBC Best Retail Betting Product award with it last month.

Golden Nugget Las Vegas Launches New Betting App - Golden Nugget Las Vegas has unveiled a sports wagering app offering Nevada punters the comfort and convenience of being able to wager from anywhere in the state.

CAGAYAN CHIEF MOVES TO REASSURE LICENSEES - Apparently $4 million is going into improvements of the Authority’s data centre in the Freeport at Cagayan, whilst another $3 million has been earmarked for an upgrade to data infrastructure located outside the Freeport.

New Massachusetts Online Gambling Bill - It seems that every two years (give or take a few months) Massachusetts state Senator Bruce Tarr flights an online gambling legalization bill in the state Senate.

Las Vegas Sands Fined for foreign bribery allegations - #lasvegassands Las Vegas Sands, the land casino company owned by multi-billionaire US mogul Sheldon Adelson, has again had to cough up a stiff penalty for non-compliance with the law.

Libratus AI Program Destroying Human Poker Opponents - #Libratus With 40,340 hands played (about a third of the 120,000 planned) Dong Kim is down $29,506, whilst Jimmy Chou ($113,7728), Daniel McAuley ($141,877) and Jason Les ($186,489) are all carrying losses.

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