Ader Vs. Bwin/Party
Sunday April 27 ,2014 : ADER REACTS TO ONLINE GAMBLING GROUP'S OPPOSITION
Activist investor's latest move is a website detailing what he thinks is wrong with Bwin.Party.
Hot on the heels of Bwin.Party's advisory to shareholders not to support four directorship nominations from Jason Ader's SpringOwl company comes the news that the activist investor has hit back with a website detailing the shortcomings of Bwin.Party management, and providing biographical information on his four nominees.
The website www.savebwinparty.com highlights the need for change at the major European online gambling group, using facts and figures in easily digestible graphic form to illustrate its criticisms.
The launch of the website has been augmented with press releases which advise that Ader is deploying his 5.25 percent shareholding in the company through SpringOwl Gibraltar Partners B Ltd to bring about positive change. The principal owners of SpringOwl are Jason N. Ader and Andrew M. Wallach.
Ader is seeking shareholder support at the May 22 agm of the company, where he hopes to start a process of turning the ailing company around.
The website will be used as a continually updated hub where Bwin.Party investors can access detailed information on why SpringOwl believes that electing four new independent directors is critical to rebuilding value at the company.
"Investors are urged to visit www.savebwinparty.com frequently to get updated information about the forthcoming Annual General Meeting and how they can act to ensure that the value destruction can be stopped," Ader's statement explains.
“We believe BPTY requires change now, as it has suffered from failed execution, a failed merger and failed oversight under the current board of directors," he claims in a no-holds-barred attack.
"We hope to make information readily available to investors and seek to empower our fellow BPTY shareholders who have borne the economic cost of this value destruction, as the Board has implemented ill-advised compensation schemes for Management.”