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SOURCE SpringOwl Asset Management LLC
Urges Shareholders to Vote FOR new Highly-Qualified, Independent Director Candidates at the Company's Upcoming Annual General Meeting
NEW YORK, May 5, 2014 /PRNewswire/ -- SpringOwl today made available (at WWW.SAVEBWINPARTY.COM) its initial presentation highlighting the Case for Change at bwin.party digital entertainment plc (BPTY). The presentation provides BPTY shareholders with a detailed overview of ways in which SpringOwl believes that the Company's incumbent Board has overseen significant shareholder value destruction (approximately 60% decline in share price since the 2010 announcement of the merger of Bwin Interactive Entertainment AG and PartyGaming plc) due to FAILED EXECUTION, FAILED MERGER and FAILED OVERSIGHT.
The presentation contains information on SpringOwl's plan to reverse this trend as well as the biographies of four new Highly-Qualified Independent Director candidates and how they can help the Board to maximize value to all BPTY shareholders through their collective expertise and backgrounds in Technology, Online and Land-based Gaming, Brand Marketing and Bank Regulation.
Summary highlights of the presentation include:
Jason N. Ader of SpringOwl commented, "We have received incredible support from the BPTY 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. We are confident that each of the Highly-Qualified, Independent Director candidates will play a major part in creating value for all BPTY shareholders."
Mr. Ader continued, "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. We believe that the contents of this presentation clearly outline the case for change at BPTY and call on the Board to immediately institute this needed change by seating the four Highly-Qualified Independent Director candidates."
SpringOwl is today urging shareholders to vote FOR the Highly-Qualified Independent Director candidates 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.
The presentation is available at http://savebwinparty.com/presentations
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.
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