Market Report: Activist investors SpringOwl placed a bet and bought 6 per cent of Bwin

Activist investors at SpringOwl have swooped on the bookie Bwin.Party and are hoping they could be on to a winner.

SpringOwl Gibraltar placed a bet and bought a 6.1 per cent stake in the FTSE-250 listed online poker specialist and Bwin jumped more than 5 per cent on the news yesterday.

SpringOwl and its sister fund Owl Spring Asset Management was formed last year when former Wall Street gaming analyst Jason Ader's Ader Investment Management merged with activist investor Cumberland Associates. Cumberland traces its history back to 1970 and is one of the US's oldest hedge funds. SpringOwl snapped up shares from trusts associated with two of Bwin's founders – Ruth Parasol DeLeon and Russell DeLeon – who are divorcing. The pair agreed to sell their stakes as part of an agreement to secure a US gambling licence and make the process less complicated.

Bwin was 6p ahead at 119p on the news.

The FTSE 100 roared ahead for the third consecutive day and breached the 6800 level – up 66.61 points to 6,802.61.

Despite InterContinental Hotel announcing a 10 per cent profit jump, investors were disappointed about its cash return and it was the worst faller on the blue chip index, down 66p to 1,981p.

BT was top of the pile – up 13.8p to 418.1p – and still popular after a victory in court this week against rival BSkyB on pay TV.

Power producer Drax beat analysts' expectations after a good performance from its coal plants, but caution over the year ahead dropped it 2.5p to 803.5p.

Tate & Lyle left a bitter taste as Berenberg Bank cut its target price for the sweetener maker and it fell 12.5p to 644p.

Mid-cap chemical company AZ Electronic Materials reported full-year results, with profit for the year falling to $112.6m (£67.4m). Canaccord Genuity said the numbers were "encouraging at the operational level" and it was 2p better at 396p.

Aim-listed palm oil developer DekelOil said initial production had started ahead of schedule at its crude palm oil mill in the Ivory Coast – one of West Africa's largest – and it was 0.25p slicker at 1.55p.

Start your day with The Independent, sign up for daily news emails
Arts and Entertainment
Lou Reed distorted the truth about his upbringing, and since his death in 2013, biographers and memoirists have added to the myths
musicThe truth about Lou Reed's upbringing beyond the biographers' and memoirists' myths
News
people
News
Ed Miliband received a warm welcome in Chester
election 2015
Life and Style
Apple CEO Tim Cook announces the Apple Watch during an Apple special even
fashionIs the Apple Watch for you? Well, it depends if you want it for the fitness tech, or for the style
ebooks
ebooksA special investigation by Andy McSmith
  • Get to the point
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

SThree: Trainee Recruitment Consultant

£20000 - £25000 per annum + OTE £45,000: SThree: SThree Group have been well e...

Ashdown Group: IT Manager / Development Manager - NW London - £58k + 15% bonus

£50000 - £667000 per annum + excellent benefits : Ashdown Group: IT Manager / ...

Recruitment Genius: Sales Consultant / Telemarketer - OTE £20,000

£13000 - £20000 per annum: Recruitment Genius: Scotland's leading life insuran...

Ashdown Group: Training Programme Manager - City, London

£40000 - £45000 per annum + benefits : Ashdown Group: Training Programme Manag...

Day In a Page

Armenian genocide: To continue to deny the truth of this mass human cruelty is close to a criminal lie

Armenian genocide and the 'good Turks'

To continue to deny the truth of this mass human cruelty is close to a criminal lie
Lou Reed: The truth about the singer's upbringing beyond the biographers' and memoirists' myths

'Lou needed care, but what he got was ECT'

The truth about the singer's upbringing beyond
Migrant boat disaster: This human tragedy has been brewing for four years and EU states can't say they were not warned

This human tragedy has been brewing for years

EU states can't say they were not warned
Women's sportswear: From tackling a marathon to a jog in the park, the right kit can help

Women's sportswear

From tackling a marathon to a jog in the park, the right kit can help
Hillary Clinton's outfits will be as important as her policies in her presidential bid

Clinton's clothes

Like it or not, her outfits will be as important as her policies
NHS struggling to monitor the safety and efficacy of its services outsourced to private providers

Who's monitoring the outsourced NHS services?

A report finds that private firms are not being properly assessed for their quality of care
Zac Goldsmith: 'I'll trigger a by-election over Heathrow'

Zac Goldsmith: 'I'll trigger a by-election over Heathrow'

The Tory MP said he did not want to stand again unless his party's manifesto ruled out a third runway. But he's doing so. Watch this space
How do Greek voters feel about Syriza's backtracking on its anti-austerity pledge?

How do Greeks feel about Syriza?

Five voters from different backgrounds tell us what they expect from Syriza's charismatic leader Alexis Tsipras
From Iraq to Libya and Syria: The wars that come back to haunt us

The wars that come back to haunt us

David Cameron should not escape blame for his role in conflicts that are still raging, argues Patrick Cockburn
Sam Baker and Lauren Laverne: Too busy to surf? Head to The Pool

Too busy to surf? Head to The Pool

A new website is trying to declutter the internet to help busy women. Holly Williams meets the founders
Heston Blumenthal to cook up a spice odyssey for British astronaut manning the International Space Station

UK's Major Tum to blast off on a spice odyssey

Nothing but the best for British astronaut as chef Heston Blumenthal cooks up his rations
John Harrison's 'longitude' clock sets new record - 300 years on

‘Longitude’ clock sets new record - 300 years on

Greenwich horologists celebrate as it keeps to within a second of real time over a 100-day test
Fears in the US of being outgunned in the vital propaganda wars by Russia, China - and even Isis - have prompted a rethink on overseas broadcasters

Let the propaganda wars begin - again

'Accurate, objective, comprehensive': that was Voice of America's creed, but now its masters want it to promote US policy, reports Rupert Cornwell
Why Japan's incredible long-distance runners will never win the London Marathon

Japan's incredible long-distance runners

Every year, Japanese long-distance runners post some of the world's fastest times – yet, come next weekend, not a single elite competitor from the country will be at the London Marathon
Why does Tom Drury remain the greatest writer you've never heard of?

Tom Drury: The quiet American

His debut was considered one of the finest novels of the past 50 years, and he is every bit the equal of his contemporaries, Jonathan Franzen, Dave Eggers and David Foster Wallace