Activist Investor at Bwin.Party Questions Chairman Appointment
Jason Ader, the activist investor who works extensively in gaming, continues to make waves in the industry. As featured today in the Daily Telegraph, New York-based Ader feels bwin.party is tremendously undervalued.
Ader has reportedly told confidants that bwin needs some changes to meet its full potential in the gaming arena.
Ader is reportedly not happy with former 3i chief executive Philip Yea as its new chairman. Yea will replace Simon Duffy, who announced he was stepping down last year.
"Be it through personnel decisions which do not appear to take into account the needs of the business or compensation decisions which we don't believe have been aligned with the success (or lack thereof) of the shareholders, it is unfortunate that this Board has overseen a path which has seen the shareholders bearing the economic burdens of their mistakes," Ader's investment group, Spring Owl, said in an emailed statement.
"We look forward to meeting with Mr. Yea to understand his views on an appropriate path forward and how to pursue an appropriately composed board for the challenges faced by bwin," Mr Ader added.
A Bwin spokesman replied: “We have had several conversations with Jason, welcome his investment and look forward to holding more in-depth dialogue. We continue to urge him to use his right to nominate his representative to the Board as soon as possible so that we can take him through the full details of our plans.”
Ivor Jones, an analyst of Numis, welcomed the new shareholder saying he could be a catalyst for restructuring.
“We believe that there are several sources of value to a third-party within the business of bwin.party, Jones said.
Last year, Ader won a seat on the board of slot maker International Game Technology.
- Aaron Goldstein, Gambling911.com
