After Spring Owl, run by former gaming analyst Jason Ader, last week proposed four new directors for the bwin.party board, the online gaming firm has responded with a claim that Ader’s actions are a threat to board unity.
Spring Owl’s reaction was to urge shareholders to vote for its candidates - Michael Fertik, Francis Grady, Kal Patel and Steve Rittvo - by voting for resolutions 19 to 22 at the bwin.party AGM on May 22, 2014.
Ader has a 5.2 per cent stake in the company and, as long as he maintains a stake above five per cent, he is entitled to appoint an individual to bwin.party’s board under the company’s relationship agreement.
Bwin.party has said that the proposed appointments seek to “by-pass this normal appointment process.” The statement said Ader’s actions “put at risk the ability of the board to operate as a unified and effective forum in the best interests of all shareholders”.
The online gaming firm has also highlighted that all four of the nominations are male, which would put the company at odds with UK corporate governance best practice.
Source: telegraph.co.uk
