Parasol-DeLeon nomination leads to appointment

Rami Lerner is to replace the resigned non-executive director John Davy on the board of online gambling group Party Gaming, the company has announced. Davy informed the Board of his intention to leave the company on 19 February 2009 (see previous InfoPowa report) and his resignation from the Board takes effect from March 5th.

Emulating John Davy’s appointment in December 2007, Lerner’s appointment is made under the terms of the relationship agreement entered into at the time of the Company’s IPO in June 2005 by PartyGaming, Ruth Parasol DeLeon and Russell DeLeon.

Under the terms of this agreement, provided that the founding duo Ruth Parasol DeLeon and Russell DeLeon collectively maintain an interest in 15 percent or more of PartyGaming’s issued share capital, they are entitled to nominate an individual for appointment as a Non-Executive Director to the PartyGaming Board.

Ruth Parasol DeLeon and Russell DeLeon each maintain an interest in 14.22 percent - a total of 28.44 percent - of PartyGaming’s issued share capital.

54-year-old Lerner served in Israel’s Prime Minister’s Office from 1981 to 2003, finishing his career as an Executive Senior Officer. Between 2003 to 2005 he was the Chief Executive Officer of the Society for the Protection of Nature in Israel. Currently he is the Managing Director of his family’s investment fund.

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