Thursday April 17,2014 : ADER TO NAME BWIN.PARTY BOARD MEMBERS TODAY (Update)
SpringOwl driven by the need for a better share price.
London's Telegraph newspaper reports that SpringOwl investments, a US company operated by American activist investor Jason Ader, is to confirm its Bwin.Party board nominees today (Thursday).
Ader secured a 6.1 percent interest in the European betting group earlier this year (see previous InfoPowa reports) and has been critical of the manner in which it is managed.
Ader's investment – he bought the shares from Party Gaming founders Russ DeLeon and Ruth Parasol when they divorced – makes SpringOwl Bwin's second largest investor.
Ader will nominate four directors for the Bwin board, giving SpringOwl influence in the management of the company; he has been upfront about SpringOwl's priority, which is to boost a lagging share price.
Spring Owl has so far proposed Michael Fertik, an American tech entrepreneur, Francis Grady, the founder of a law firm dedicated to US banking regulation, and Kalendu Patel, a venture capitalist with a technology background as its board representatives.
On Thursday morning Bwin.Party issued a statement noting that SpringOwl Gibraltar Partners B Ltd had informed the company that it intended to requisition the nomination of four additional directors to the Board.
"The Company has subsequently received a formal requisition notice from SpringOwl’s legal advisers containing brief details of each candidate, a covering letter from Mr Jason Ader and formal notice to be put to shareholders," the company said, adding:
"In accordance with the laws of Gibraltar, the company will be circulating the details of SpringOwl’s proposed nominations to shareholders ahead of the Annual General Meeting. The Board is considering SpringOwl’s proposal and will make a further announcement in due course."