London-listed bwin.party digital entertainment has confirmed that Daniel Silvers will be stepping down from the company’s board with immediate effect following his decision to leave SpringOwl Asset Management.
Silvers was president of SpringOwl, which currently owns a 5.17 per cent stake in bwin.party, before leaving the activist investment firm earlier this year in June to start up Matthews Lane Capital Partners.
He was appointed to the board in May 2014 as nominee on behalf of SpringOwl, which had gained the right to nominate one director to the bwin.party board following its acquisition of a 6.1 per cent stake in the business from PartyGaming founders Ruth Parasol and Russell DeLeon.
Earlier this year Silvers advised the company that he would be pursuing commercial interests outside SpringOwl, and this announcement reflects the priority he is now giving to these, bwin.party said.
Jason Ader, CEO of SpringOwl Asset Management said: "We remain strong supporters of the bwin.party board and of the pending transaction with GVC Holdings plc. Given the current timetable, we are not currently nominating a successor for appointment to the bwin.party board ahead of the completion of the recommended offer from GVC that is expected to take place in early 2016."
bwin.party chairman Philip Yea added: "Daniel has been a valued and constructive contributor to the board's deliberations and I want to thank him for his significant contribution. We wish him well in his future endeavours."
Daniel Silvers said: "I have enjoyed working with the bwin.party board and am confident with the company's current course, including the pending transaction with GVC. I wish bwin.party and each of my colleagues on the board, every success for the future."