SpringOwl claims ‘incredible support’ from bwin.party shareholders
Jason Ader, head of activist investor SpringOwl, has claimed his company has received “incredible support” from bwin.party shareholders over new resolutions it has proposed to the online gaming operator.
Last month, iGaming Business reported that SpringOwl submitted a number of resolutions, including its intention to place four representatives on the bwin.party board, ahead of the firm’s AGM in Gibraltar on May 22.
SpringOwl gained the right to put forward a single nominee under the terms of a ‘Relationship Agreement’ it reached after purchasing a 6.1% stake from the operator’s founders when they divorced. The four other nominees would be in addition to this.
Bwin.party did not favour the idea and urged its shareholders to vote against the resolutions due to the lack of information it has received on the nominees proposed and that the resolutions would not be in the best interests of the company.
Despite this initial opposition, Ader claimed that SpringOwl has received “incredible support” from the bwin.party shareholders it has spoken to so far.
“We have received incredible support from the bwin.party shareholders we have already spoken with and look forward to more conversations as shareholders have the opportunity to add sorely needed skills to the board of our company,” Ader said.
“We are confident that each of the highly-qualified, independent director candidates will play a major part in creating value for all bwin.party shareholders.”
Ader’s comments come after SpringOwl published its initial presentation that highlighted the “case for change” at bwin.party.
In addition to the biographies of each of the four candidates, the presentation also included information about how SpringOwl intends to address a decline in share price since Bwin Interactive Entertainment merged with PartyGaming in 2010.
The presentation also outlined how the new ‘independent directors’ would help the board to “maximise value to all bwin.party shareholders through their collective expertise and backgrounds in technology, online and land-based gaming, brand marketing and bank regulation”.
“While our efforts to work with the incumbent board towards a constructive solution continue, their lack of action in the face of substantial shareholder losses is frustrating,” Ader added.
“We believe that the contents of this presentation clearly outline the case for change at bwin.party and call on the board to immediately institute this needed change by seating the four highly-qualified independent director candidates.”