Activist investor Ader proposes new executive directors for Bwin’s board
Activist investor Jason Ader has proposed for election of four new directors to the online gambling firm Bwin's board, stressing that changes at the top level are tackle continuing fall in the business.
Ader claimed that shareholders have become disillusioned by the continuing fall in Bwin's performance. He also claimed that addition of the new executive directors to the Bwin's board would bring important expertise in online gaming, technology etc.
Ader's asset management firm SpringOwl is fourth-largest shareholder in Bwin. He added that he made many attempts to work with the incumbent board but the board didn't respond.
Speaking on the topic, he said, "SpringOwl has made numerous attempts to work with the incumbent Board of BPTY to facilitate a reconstitution of the Board to ensure accountability to shareholders. Unfortunately, the incumbent Board has chosen to seek to maintain the status quo."
Activist investors like Ader have long been demanding change in the company's strategy or management, arguing that change is necessary to provide better returns to shareholders.
When asked for a comment on Ader's proposal for a change in Bwin's board, a spokesperson for the company said it would consider the proposal and declined to comment further.
Bwin's annual general meeting (AGM) is scheduled for 22nd of May this year.