|By PR Newswire||
|April 28, 2014 04:30 AM EDT||
NEW YORK, April 28, 2014 /PRNewswire/ -- SpringOwl, which has proposed to add four new individuals to the Board of bwin.party digital entertainment plc (BPTY), today urged shareholders to vote for its highly-qualified independent director candidates – Michael Fertik, Francis Grady, Kal Patel and Steve Rittvo – by voting FOR Resolutions 19 through 22 at BPTY's upcoming Annual General Meeting scheduled for May 22, 2014.
These four Highly-Qualified Independent Director candidates can help the Board maximize value for all BPTY shareholders through their collective expertise and backgrounds in Technology, Online and Land-based Gaming, Brand Marketing and Bank Regulation. More information about these candidates is available at WWW.SAVEBWINPARTY.COM.
Jason N. Ader of SpringOwl commented, "We are excited by the opportunity for these four Highly-Qualified Independent Director candidates to participate in creating value for all BPTY shareholders. Our nominees are committed to reversing the years of value destruction overseen by the incumbent board that have resulted in a staggering decline of approximately 60% in BPTY's share price since announcement of the merger in July 2010. For too long, the incumbent Board has expected shareholders to cover the cost of the Company's missteps."
Mr. Ader continued, "While the incumbents continue to oppose our efforts to refresh and strengthen the Board process, we are heartened by the strong support that we have received in the course of our engagement with fellow BPTY shareholders. It is clear to us that BPTY shareholders want change and will no longer tolerate the insular stance taken by the incumbent Board."
Mr. Ader concluded, "We have spoken with a great number of people representing a substantial portion of BPTY's shareholder base and welcome any interested shareholders to call or email us to discuss our Case for Change of BPTY's Board" (contact information is available at WWW.SAVEBWINPARTY.COM).
Shareholders are urged to vote today for the appointment of the independent nominees set forth in Resolutions 19 through 22 at BPTY's upcoming Annual General Meeting scheduled for May 22, 2014.
Shareholders with questions or who need assistance in voting their shares, should call Lake Isle M&A Incorporated at +44 20 7710 9960 (from the EU); or Innisfree M&A Incorporated, toll-free at 888-750-5834 (from the US and Canada) or 412-232-3651 (from other countries). Banks and brokers may call collect at +1-212-750-5833.
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