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INTERTAIN C.E.O. TO STEP DOWN
Tuesday February 23,2016 : INTERTAIN C.E.O. TO STEP DOWN FOLLOWING RECENT SPRUCE MANAGEMENT ISSUE
John Kennedy Fitzgerald and CFO Keith Laslop both on the move.
The conclusions reached by last year's mid-December Intertain review of allegations of company mismanagement by short seller Spruce Point Capital Management have been followed by some interesting changes, announced this week.
These involve CEO John Kennedy Fitzgerald stepping down, and chief financial officer Keith Laslop relocating to a new senior management position at Intertain's Bahamas offices, currently being expanded.
InfoPowa readers will recall that Fitzgerald and Laslop were at the centre of shareholder concerns regarding a generous Management Incentive Plan which gave the duo lucrative commissions on new acquisitions made by the Toronto-listed company, and this is referenced by the company in its announcement that Fitzgerald is to step down.
Intertain revealed that the incentive plan is to be scrapped, and that Fitzgerald and Laslop will forego any future payments on the acquisitions. The duo has further agreed to a 25 percent reduction in their golden parachute agreements.
Intertain took the opportunity to reiterate that its independent review committee on the Spruce affair had concluded that there was no justification for the short-seller's "grossly inaccurate" claims regarding its business.
However, it did find reason for criticism regarding the company's “inadequate documentation, approvals and record keeping” concerning the management incentive plan.
Fitzgerald explained his agreement to the changes by saying that he and Laslop acknowledged market concerns regarding their MIP commissions, and as a consequence had offered to relinquish their entitlements “to further strengthen our alignment with shareholder interests.”
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Online Lottery Scammers Arrested in Jamaica -
Jamaicas Lottery Scam Task Force, a special unit set up by the Jamaican police to combat the national embarrassment that online lottery scams have become, has been in action again this week, arresting 4 individuals in predawn operations Friday.
AMAZON SHOWS INCREASING INTEREST IN E-SPORTS -
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Gameaccount H1-2016 numbers -
On Friday Dermot Smurfits GameAccount Network (GAN) business posted its H1-2016 numbers, reporting a net pre-tax loss of GBP 2.3 million - an improvement on the GBP 2.6 million it lost in the same period last year.
Pokerstars Now Lead Sponsor of Global Poker League -
Alex Dreyfuss Global Poker League has received a significant boost from the announcement by Dreyfuss Mediarex Sports and Entertainment company Friday that online pokers biggest operator, Pokerstars, has signed on as lead and exclusive GPL sponsor.
Betconstruch invests in Ucrafts -
BetConstruct may have also been attracted by the obvious interest in Ucrafts business - the start-up has already gained 5,000 subscribers in just a few months of commercial activity.
Plus500 Founders Selling Off Shares -
Alon Gonen and Gal Haber respectively sold 7.2 million shares, retaining a 10.4 percent interest in the company; and 2.6 million shares, retaining a smaller stake of just 3.6 percent.
Rush Golf Live Launches -
Virtual sports provider Inspired Gaming has announced the launch of its latest product - Rush Golf Live - with Betfred the first operator to carry the game.
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