|By PR Newswire||
|April 23, 2014 04:33 AM EDT||
NEW YORK, April 23, 2014 /PRNewswire/ -- Jason N. Ader of SpringOwl Gibraltar Partners B Ltd (together with its affiliates, "SpringOwl"), the owner of 42,850,000 shares of bwin.party digital entertainment plc (LSE: BPTY) - representing approximately 5.25% of BPTY's issued ordinary shares, today announced the launch of WWW.SAVEBWINPARTY.COM in connection with SpringOwl's previously announced proposal to expand BPTY's Board with the addition of four new Highly-Qualified Independent Directors at the forthcoming Annual General Meeting scheduled for May 22, 2014.
WWW.SAVEBWINPARTY.COM will serve as a hub for BPTY investors to access detailed information regarding why SpringOwl believes that electing four new Highly-Qualified Independent Directors is critical to rebuilding value at the company. Investors are urged to visit WWW.SAVEBWINPARTY.COM frequently to get updated information about the forthcoming Annual General Meeting and how they can act to ensure that the value destruction can be stopped.
Ader said: "We believe BPTY requires change now, as it has suffered from FAILED EXECUTION, a FAILED MERGER and FAILED OVERSIGHT under the current Board of Directors."
Ader continued: "The Case for Change is clear and we are convinced that these four Highly-Qualified Independent Director candidates will make a major improvement at BPTY. In establishing WWW.SAVEBWINPARTY.COM, we hope to make information readily available to investors and seek to empower our fellow BPTY shareholders who have borne the economic cost of this value destruction, as the Board has implemented ill-advised compensation schemes for Management."
SpringOwl expects that BPTY will shortly revise the Notice of Meeting for the forthcoming Annual General Meeting scheduled to take place at 11am in Gibraltar on May 22, 2014 to include the resolutions for additional directors requisitioned by SpringOwl. Once the revised Notice of Meeting is posted, SpringOwl urges BPTY stockholders to promptly vote for these four Highly-Qualified Independent Director candidates.
ABOUT SPRINGOWL GIBRALTAR PARTNERS B LTD
SpringOwl Gibraltar Partners B Ltd., the ("Fund"), is a Cayman Islands exempted company formed December 18, 2013. SpringOwl Associates LLC (the "Investment Manager"), a New York limited liability company which is the Investment Manager to the Fund, commenced operations in 1970, under the name of Cumberland Associates, and is wholly owned and controlled by SpringOwl Asset Management LLC ("SpringOwl"), a Delaware limited liability company founded in 2013. The principal owners of SpringOwl are Jason N. Ader and Andrew M. Wallach.
SOURCE SpringOwl Asset Management LLC