Jason Ader to get his own team on board at Bwin.Party
Thursday 17 April 2014
US activist investor Jason Ader has laid out plans to install four directors on the board at bookie Bwin.Party.
Mr Ader’s SpringOwl started building a stake in the FTSE-250 listed online gaming company in February and now has a 6.1 per cent stake – its first investment in the UK.
Mr Ader has already spoken out about the recent appointment of Bwin chairman Philip Yea, a former 3i chief executive, and now wants to bring in his own people.
He will nominate US tech expert Michael Fertik, corporate lawyer Francis Grady, venture capital investor Kalendu Patel and casino and gaming expert Steven Rittvo at Bwin’s annual general meeting on May 22.
Mr Ader believes Bwin has huge potential in the US and is losing market share to rivals.
He said: “I have one objective: a higher stock price. The board has been complacent. This company has a lot of potential but also serious challenges. We want to work with management.”
Mr Ader questioned Mr Yea’s track record and said while he was at 3i it “lost 75 per cent of its value”. He added: “What does he bring to this company? I would like to meet him and ask him this.”
Mr Ader said he will be in London ahead of Bwin’s meeting next month.
Earlier this month Bwin said it urged Mr Ader “to use his right to nominate his representative… to the board.”
SpringOwl snapped up shares from trusts associated with two of Bwin’s founders – Ruth Parasol DeLeon and Russell DeLeon – who are divorcing. Spring Owl, and its sister fund Owl Spring Asset Management, was formed last year when former Wall Street gaming analyst Mr Ader’s Ader Investment Management merged with activist investor Cumberland Associates.
Bwin earlier this month said sales in the quarter had fallen 8 per cent year on year to €165.7m and Mr Ader believes it is underperforming.
- 3 Alton Towers crash: Four seriously injured and 16 guests trapped as Smiler ride carriages collide
- 4 Gay teenager 'forced to have sex with his own mother' to 'cure' his homosexuality, campaigners in India say
- 5 Ann Summers survey reveals the UK's favourite sex position
Man on naked bike ride gets ejected after becoming aroused
Caitlyn Jenner's mother Ester thought her daughter, formerly known as Bruce Jenner, had transitioned for money
Charles Kennedy 1959-2015: A gifted, compassionate politician whose career was cut short by the 'demon drink' - latest news
Alton Towers crash: Four seriously injured and 16 guests trapped as Smiler ride carriages collide
Gay teenager 'forced to have sex with his own mother' to 'cure' his homosexuality, campaigners in India say
Thousands of teenage girls enduring debilitating illnesses after routine school cancer vaccination
Migrants in Kos: Photos show real tragedy after Brits abroad complain of 'awkward' holidays
British tourists complain that impoverished boat migrants are making holidays 'awkward' in Kos
Michael Gove determined to scrap the Human Rights Act – even if Scotland retains it
Threat to scrap Human Rights Act could see UK follow Nazi example, warns UN official
Church of England 'one generation away from extinction' after dramatic loss of followers
iJobs Money & Business
£30000 - £35000 per annum: Recruitment Genius: The UK's fastest growing, multi...
£70000 - £90000 per annum: Recruitment Genius: A Financial Reporting Manager i...
£23000 - £25000 per annum: Recruitment Genius: They win lots of awards for the...
£13500 - £20000 per annum: Recruitment Genius: This nationwide enforcement com...