PRESS RELEASE
Directorate Changes
1 November 2006
Gaming VC Holdings S.A. (AiM:GVC), a leading European online casino provider, announces the following changes to its Board, all of which take place with immediate effect, along with the associated reduction in operating costs.
By mutual agreement, Steve Barlow relinquishes his position as Chief Executive Officer and it has been agreed that his employment terminates in accordance with the Terms of Employment as set out in his executive service agreement. He will remain as a non-executive Director on the Board. Gerard Cassels, Finance Director, and Paul Hambelton, Chief Marketing Officer, assume the role of joint Chief Executive on an interim basis whilst the Board seeks to appoint a permanent CEO. The Group has already hired executive search consultants Pentasia to find a suitable replacement.
Adrian Smith, an independent non-executive Director of the Group, is appointed non-executive Chairman whilst Nigel Blythe-Tinker moves to a non-executive Director position.
Further to these changes, the Group also announces that it has reviewed the remuneration structure for the Board with reduced packages for all non-executive Directors. Steve Barlow will continue to contribute to the Group but this will be on a non-paid basis at his own request.
The Group continues to be confident about its future prospects and is looking for opportunities to deliver shareholder value in a rapidly consolidating industry.
A trading update on the Group’s performance in October will be made in November 2006.
Steve Barlow, non-executive Director, said: “Having followed
closely developments in the gaming industry, I believe it is now time
to bring in new talent to take the Group forward and lead it in the
next stage of its development. I will continue to help the Group in
its strategic objectives and look forward to working towards delivering
increased shareholder value.”
Adrian Smith, non-executive Chairman, said: “The Board has charged
management with reducing operating costs significantly over the fourth
quarter of 2006, and reflecting these reductions in the 2007 plan.
In addition, the Board has committed to examining any and all opportunities
for improved shareholder returns which will result from the recent
changes in the online gaming industry following the introduction of
the Safe Ports Act. Gaming VC has never had any operations in the
US.”
For further information:
Gaming VC Holdings S.A. |
|
Adrian Smith, Non-Executive Chairman |
Tel: +44 (0) 20 7398 7700 |
| investors@gamingvc.com | |
Media enquiries: |
|
Abchurch |
|
Henry Harrison-Topham / Franziska Boehnke |
Tel: +44 (0) 20 7398 7700 |
Notes to editors
Gaming VC is a key operator in the European online gaming sector, specializing in casino.
Gaming VC has no online operations in the US and does not transact any wagering activity on behalf of players in the United States.