10 Nov 2015 08:00
10 November 2015
bwin.party digital entertainment plc
('bwin.party' or the 'Company')
Directorate change
The Board of bwin.party announces that Daniel Silvers, a Non-Executive Director, has today notified the Company that he is stepping down from the Board with immediate effect. This follows his decision to leave SpringOwl Asset Management LLC earlier this year to start Matthews Lane Capital Partners LLC.
Mr Silvers was appointed to the Board in May 2014 as nominee on behalf of one of the Company's shareholders, SpringOwl Gibraltar Partners B Limited, in accordance with the terms of a relationship agreement entered into by the Company in 2010. Earlier this year he advised the Company that he would be pursuing commercial interests outside SpringOwl and today's announcement reflects the priority he is now giving to these.
Commenting on today's announcement, Jason Ader, CEO of SpringOwl Asset Management LLC said:
"We remain strong supporters of the bwin.party Board and of the pending transaction with GVC Holdings PLC. Given the current timetable, we are not currently nominating a successor for appointment to the bwin.party Board ahead of the completion of the recommended offer from GVC that is expected to take place in early 2016."
Commenting on today's announcement, Philip Yea, Chairman said:
"Daniel has been a valued and constructive contributor to the Board's deliberations and I want to thank him for his significant contribution. We wish him well in his future endeavours."
Daniel Silvers said:
"I have enjoyed working with the bwin.party Board and am confident with the Company's current course, including the pending transaction with GVC. I wish bwin.party and each of my colleagues on the Board, every success for the future."
Contacts:
bwin.party digital entertainment plc
Investors Peter Reynolds +44 (0) 20 7337 0177
Media Jay Dossetter +44 (0) 20 7337 0134
Notes for Editors:
SpringOwl Gibraltar Partners B Limited 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 and grants the relevant shareholder the right to nominate an individual for appointment to the Board as a Non-Independent, Non-Executive Director..