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SPORTINGBET BOSSES IN FOR BIG PAY-OUT
11/18/2012 : SPORTINGBET BOSSES IN FOR BIG PAY-OUT
If William Hill bid succeeds, but shareholders not happy
The potential pay out to Sportingbet bosses Andrew McIver and finance director Jim Wilkinson if William Hill succeeds in its GBP 530 million bid to acquire the firm has got tongues wagging.
According to The Telegraph newspaper, the controversial pay-off would see McIver and Wilkinson receive two years' worth of salary, pension payments and bonuses if they leave the company following a sale. Controversial because it is in direct contravention of the UK corporate governance act that stipulates notice or contract periods should be one year or less.
McIver's severance package would be worth GBP 2.4 million working on two years' worth of pension payments and benefits along with the presumption that a maximum bonus is approved. His shares in Sportingbet, currently sitting at 3 million, would give him an additional GBP 1.9 million.
Sportingbet's executive incentive packages have met with resistance from shareholders in the past, when a rebellion of 24.4 percent of its investors voted against a new incentive plan last year.
The group is aware of its contravention of the UK corporate governance act saying: “The contracts were drawn up before the company had obtained a premium listing, at a time when it was not bound by the code. The board does not believe there would be a benefit to shareholders, on balance, in renegotiating the contracts at this time.”
"These contract provisions are well out of line with best practice, which is why we, along with other shareholders, opposed the company’s remuneration report last year. The fact that these provisions could now result in a sizeable payout to directors in the event of being taken over shows why they should have been challenged earlier,” shareholder group Pirc told The Telegraph.
Danske Spil Bingo Moves to Microgaming -
The national lottery of Denmark, Danske Spil, is live on the Microgaming Bingo Network. Danske Spil, the Danish national lottery, is live on the Microgaming Bingo Network following a change to its licence conditions.
Quickfire live on Strendus -
Quickfire powered by Microgaming is extending its reach in the LatAm region with the signing of Strendus. Strendus is the online division of Logrand Entertainment Group. The group comprises several companies that operate gaming and entertainment establishments in Mexico, running 14 land-based casinos in total.
Quickfire content live on BetatHome -
Online gaming and sports betting company bet-at-home was founded in 1999. Today the company has 4.8 million registered customers around the world, offering sports betting, casino, live casino, Vegas games, poker and virtual sports.
Microgaming has donated £30,000 between four charities -
Gift of Giving provides Microgamingís customers the opportunity to vote for one of several charities in their region. In lieu of Christmas gifts, £30,000 is split equally between four global regions: Isle of Man, UK and Europe, Africa, and Rest of the World.
Entertainment Betting Odds: 90th Academy Awards -
The Shape of Water leads Sundayís 90th Academy Awards (8 PM ET, ABC) with 13 Oscar nominations, but when it comes to Best Picture, this highly-acclaimed film is a +140 second-favorite behind Three Billboards Outside Ebbing, Missouri at Ė115.
Fair Play Bets and QuickFire in Deal -
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