Tue, Dec 17, 2:30pm by Mia Chapman
Playtech faces shareholder revolt over a recently revealed long-term incentive award for its boss, Mor Weizer.
Casino News Daily reports the company said earlier this month that major investors have already backed the proposed bonus policy.
However, it is understood that two shareholder advisory firms are urging shareholders to reject the plan.
The newly proposed bonus scheme could see Playtech’s chief executive officer receive company stock worth more than 30 million pounds if certain share price targets are met.
The new policy is set to be voted by Playtech investors at their December 19 shareholder meeting.
Playtech’s new bonus scheme proposes a nil cost option award of 1.9 million shares that will pay out in tranches if the company’s stock price maintains certain levels for a 30-day period.
The first tranche will be triggered if shares return to above 600p.
The second will be realised if the shares soar to 700p and if the third if stock prices trade above 800p.
The bonus award is capped at 16 pounds a share.
The company’s shares rocketed by 10 pounds in the summer of 2017, before tumbling significantly on several profit warnings issued over the past two years.
— Proxy Insight (@ProxyInsight) December 16, 2019
Earlier this month, Playtech said that institutional shareholders, including Odey Asset Management and Paulson & Co have already expressed their support for its newly proposed bonus scheme.
However, shareholder advisory service providers Institutional Shareholders Services and Glass Lewis have urged company shareholders to reject the share award plan to Mr Weizer at the upcoming vote.
A revolt at this Thursday’s meeting would be the latest rebellion declared by Playtech investors over the company chief’s pay.
During its May Annual General Meeting, the gambling solutions provider was hit by a revolt over its boss’ remuneration package.
About 41.8 per cent of the company’s shareholders rejected its latest remuneration report.
40.9 per cent voted against its remuneration policy.
In 2018, only 40.6 per cent of investors backed its proposed executive pay.
Royal London Asset Management, which holds a 0.5 per cent stake in Playtech, said it would vote against the new bonus scheme as it “offers significant sums to the CEO for meeting share price targets below where Playtech’s shares traded ahead of their profit warning in July last year.”
Gambling technology company Playtech has announced it has partnered with Isle of Man operator GVC Holdings to launch a new dedicated live casino studio.
Casino News Daily reports the Elevation Live Casino space is set to launch in several stages during the next two months, with its unveiling supported by a major marketing campaign, according to a press release from Playtech.
Elevation will initially feature five blackjack tables and a roulette wheel studio.
More live casino versions of popular table games will be added in the coming weeks.
Of its new purpose-built studio, Playtech said that it would be a true visual spectacle and that player experience will be enhanced by a vast video wall that will be creating a backdrop of a fully immersive skyline.
The Elevation live casino studio will offer casino gaming content exclusively across GVC’s many gambling brands.
The launch of the dedicated live casino space is part of the new long-term agreement that Playtech and GVC signed this past February.
Under the deal, Playtech has agreed to supply technology and content across GVC’s gaming and sports betting brands.
In June this year, the two companies announced that the provider’s online casino content has been launched across GVC’s businesses, including bwin, partypoker, PartyCasino and Sportingbet, among others.
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