Activist Ader claims to have won incredible support from Bwin.Party shareholders
U. S. activist investor Jason Ader has claimed that his proposals to overhaul online gambling company Bwin. Party's board by inducting new members has received incredible support from shareholders.
Mr. Ader, who owns 5.2 per cent of voting rights in the online gambling company through his asset management firm SpringOwl, called for induction of four new directors into the company's board to arrest continued fall in the business.
He has proposed the induction of venture capitalist Kalendu Patel, gaming industry connoisseur Steven Rittvo, internet entrepreneur Michael Fertik, and lawyer Francis Grady, into Bwin. Party's board.
Mr. Ader has long been condemning the company's runaway cost structure and its brunt on profitability. He recently said the company's board had overseen considerable destruction of shareholder-value because of the company's failing strategy.
In a recent statement, he said, "We have received incredible support from the Bwin. Party 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."
However, he didn't provide details on the level of support that he claimed to have received from the company's shareholders.
Meanwhile, Bwin. Party has issued a statement, requesting shareholders to vote against Mr. Ader's proposal. The company has argued indusction of ne directors would make the board too large and obstruct decision making.