04/03/2012 : C.E.O. DEPARTS ONLINE GAMBLING GROUP
As Amaya moves in, Gavagan makes room
Amaya Gaming's takeover of internet gambling software provider Cryptologic entered a new phase this week with the departure of Crypto's chairman and interim chief executive officer, David Gavagan, and his replacement by Amaya's CEO David Baazov as the company's control of Cryptologic stock reached 80.79 percent.
It was probably a bittersweet moment for Gavagan, who has been involved with Cryptologic since 2009.
Other management changes happening in Cryptologic's Dublin headquarters include the departure of CFO and COO, Huw Spiers, who is replaced by Amaya CFO Daniel Sebag.
On the board of directors, Simon Creedy Smith and James Wallace are also on the way out with immediate effect, whilst Thomas Byrne and Gavagan will stay on as non-executive directors.
Baazov has been appointed an executive director, along with a new name – Divyesh Gadhia – who joins as a non-executive director.
Spiers, Nick Catros and Gavagan's resignations from the board of subsidiary CryptoLogic Exchange Corporation (CEC) have been accepted, and they have been replaced by Baazon, Sebag and Gadhia.
The new management has advised that it intends to apply for the delisting of CryptoLogic shares on the London Stock Exchange, the Toronto Stock Exchange and the Nasdaq.
“CryptoLogic shareholders should note that such cancellations will reduce significantly the liquidity and marketability of CryptoLogic shares which have not been acquired by Amaya under the offer,” a Cryptologic statement to the LSE warned Tuesday morning.
“Once cancellation has taken effect, CryptoLogic shareholders will no longer be able to effect transactions in CryptoLogic shares on market at the market price.”
Earlier this week, Amaya confirmed that its offer remains open to undecided shareholders until April 18