In the wake of a failed merger, declining revenues, and a general routing by its peers, the company that runs The World Poker Tour — U.K.-based gaming company Bwin.Party — has seen its stock decline 20%.
In the last five years it’s down over 56%.
And some investors have had it. Particularly Jason Ader and Andrew Wallach of SpringOwl Asset Management. They own 5.35% of the $US1.6 billion company and they want to see four new members on the board and a revamp of the company’s strategy.
As often happens, however, Bwin.Party has said that it has no interest in taking SpringOwl’s recommendations to heart. A new chairman will take over at the company’s AGM on Thursday, and he’s said the board could use three new managers, but hasn’t given any clues as to who they are.
So SpringOwl will continue to press its case. The fund’s argument is all here and on their website, savebewinparty.com, and we have it for you here as well.
This deck, ladies and gentlemen, is ugly.
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