SpringOwl Issues Statement Regarding Recent bwin.party Board Search Announcement

Calls For Change Heard

PR Newswire

NEW YORK, May 16, 2014 /PRNewswire/ -- Jason N. Ader of SpringOwl Asset Management today congratulates the shareholders of bwin.party (BPTY.LN) on the initial steps taken by BWIN Chairman designee Philip Yea in beginning the reconstitution sorely needed at the BWIN board.  

"While we are supportive of the actions announced today and the confirmation by BWIN that the change - which we have been calling for on the BWIN Board - is needed, we find the timing of the announcement curious with the AGM just a few days away," said Jason Ader.

Mr. Ader continued, "We believe that this announcement is the direct consequence of the overwhelming support we have received from our fellow BWIN shareholders for the call for board change that we have made.  We appreciate the broad support that our calls for improvement and proposed director candidates have received.  Based on this input, we believe that shareholders agree that Mr. Michael Fertik and Mr. Kal Patel would be valued additions to the BWIN Board and we urge shareholders to vote FOR Messrs. Fertik (Resolution19) and Patel (Resolution 21) today."

Mr. Ader concluded, "We look forward to engaging in more constructive dialogue with Mr. Yea and helping to build a better BWIN for the benefit of all shareholders."


SpringOwl Gibraltar Partners B Ltd., the ("Fund"), is a Cayman Islands exempted company formed December 18, 2013.   SpringOwl Associates LLC (the "Investment Manager"), a New York limited liability company which is the Investment Manager to the Fund, commenced operations in 1970, under the name of Cumberland Associates, and is wholly owned and controlled by SpringOwl Asset Management LLC ("SpringOwl"), a Delaware limited liability company founded in 2013.   The principal owners of SpringOwl are Jason N. Ader and Andrew M. Wallach.


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