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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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Gambling News :

Malta Gaming Authority's half-year 2016 report - There are 490 gaming license in issue and 257 gaming companies in operation....in the first six months of 2014, those figures were 414 and 271 respectively;

Macau ATM Transaction Limit Lowered - The Monetary Authority of Macau moved quickly Friday to quell market concern caused by a newspaper report late Thursday that it was about to slash ATM limits in half .

Vegas Mobile Casino Gets Live Dealer Games - Vegas Mobile Casino has partnered with Swedish online gambling game developer NetEnt, which has supplied a new live dealer offering that includes desktop Blackjack and desktop and mobile Roulette.

Cosmic Crystals SLot Launches - 1X2 Gaming's latest online slot titled Cosmic Crystals is a 5 reel, 50 pay-line game with a futuristic outer space feel, gems galore, and features that include a sticky Wild reel, re-triggering Free Spins, Scatters and a claimed 95 percent RTP.

Playtech Live launches dedicated live roulette room - Playtech's live dealer arm, Playtech Live has launched a dedicated live roulette room operating from a fully custom-built studio bursting with colorful Christmas decorations.

Australian Open To Dunp Gambling Ads - Court-side advertisements, which have been criticized as promoting gambling and thereby contributing indirectly to the specter of match-fixing, are to be discontinued in 2017 from the Australian Open tennis championships, Tennis Australia has confirmed.

Olympique Lyonnais In Sponsorship Deal With FDJ - The agreement allows FDJ to introduce its ParionsSport betting terminals in the Parc OL stadium, and the promotion by the club of its website of the same name

BaFin CrackDown on Spread Betting - The UK Financial Conduct Authority's crackdown on financial and stocks spread betting via contracts for difference has been followed by similar moves in Germany, where the financial regulator BaFin announced similar new restrictions Thursday.

How is the CDC Group Spending its Money - Questions are being asked about how the UK government's private equity arm, the CDC Group plc (formerly the Commonwealth Development Corporation) spends the billions it is allocated to alleviate international poverty, The Guardian newspaper reported Friday.

Voodoo Slot Released - The Prague-based online gambling games developer Endorphina is going against the trend of Christmassy-themed offerings at this time of the year, instead going for the popular horror genre in its new slot Voodoo, released to operators today (Friday).

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