Aziz calls for Extraordinary General Meeting

The former CEO of online gambling software provider Cryptologic, Javaid Aziz, is pressuring the company for an Extraordinary General Meeting of shareholders. Aziz, who holds 12.5 percent of the company's stock, has enlisting the support of other shareholders, and has been critical of the direction in which the company is headed (see previous InfoPowa report).

He recently sent a letter to the board expressing his view that the company should promptly execute on a recovery plan designed to stabilise revenues, streamline size and operations, achieve cost reductions, more effectively manage cash flows, and take other steps to improve operating and financial performance.

Aziz, who was chief executive of Cryptologic between April 2007 and February 2008, additionally asked for two board nominees in his original demands for better performance from the company, but this was rejected by the board of directors, who felt that the current management was already engaged in addressing some of the criticisms raised by Aziz.

This appeared to be the case last month, when the company announced some $13 million in operating cost cuts and forecast net profits of $9 million - $10 million for 2009.

Aziz stands to benefit if there is a change of management control at Crypto prior to the end of April 2009. In addition to a GBP1.2 million departure cheque, his farewell agreement included a clause entitling him to an additional bonus of Euro1.5 million should that situation eventuate.

A CryptoLogic spokesman said that Aziz's latest letter was under review by the board of directors.

Live activity feed

Swipe left or right to see more

lcb activities in the last 24 hours

  • 32
    new members
  • 582
    members online
  • 18437
    guests online
  • 156
    new posts
  • 350
    free games played
Join the club

Highest Community Rated Online Casinos

Swipe left or right to see more

Latest forum posts

Join today and start earning rewards

You will immediately get full access to our online casino forum/chat plus receive our newsletter with news & exclusive bonuses every month.
S logo

Report to moderator

Use this function to inform the moderators and administrator of an abusive or wrongly posted message.

Please note that your email address will be revealed to the moderators if you use this

Select Language
Search Results