22 May 2014 10:01
22 May 2014
bwin.party digital entertainment plc
('bwin.party' or the 'Company')
Agreement with SpringOwl
Further to the Company's announcement on 16 May 2014, concerning planned changes to the composition of the Board, bwin.party announces that it has agreed to work closely with SpringOwl on the appointment of its new directors and confirms its agreement to consider Michael Fertik, one of SpringOwl's nominees, as a potential candidate. To support this process, SpringOwl has nominated Daniel Silvers to the Board under the terms of the Relationship Agreement. Daniel Silvers will take up his position on the Board as soon as practicable.
Accordingly, SpringOwl Gibraltar Partners B Ltd ('SpringOwl') today withdrew its four resolutions (being resolutions 19-22) that were scheduled to be put to shareholders at today's Annual General Meeting (the 'SpringOwl Resolutions').
Philip Yea, bwin.party's Chairman elect said:
"I am pleased to be able to demonstrate common ground with SpringOwl and welcome its support. There remains much work ahead and, together with the rest of the Board, I look forward to working closely with SpringOwl as a significant shareholder in bwin.party and welcome Dan Silvers to the Board as SpringOwl's appointed nominee."
Jason Ader, founder of SpringOwl said:
"bwin.party is a business with great brands and enormous potential. We welcome the planned changes to the composition of the Board announced last week and are looking forward to working with Philip Yea and the Board over the coming period to ensure that this potential is both realised and translated into long-term value for shareholders."
Contacts:
bwin.party digital entertainment plc
Investors Peter Reynolds +44 (0) 20 7337 0177
Media John Shepherd +44 (0) 20 7337 0141
Notes for Editors:
SpringOwl has a nomination right under the relationship agreement with the Company, which it acquired from Emerald Bay Limited ('Emerald') and Stinson Ridge Limited ('Stinson') on 20 February 2014. This nomination right was created under the terms of the relationship agreement entered into by the Company with Emerald, Stinson and others at the time of the merger (the 'Relationship Agreement') and grants the relevant shareholder the right to nominate an individual for appointment to the Board as a Non-Independent, Non-Executive Director.