1st Nov 2006 07:30
Gaming VC Holdings S.A.01 November 2006 Press Release 1 November 2006 Gaming VC Holdings S.A. ("Gaming VC" or "the Group") Directorate Changes 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 withimmediate effect, along with the associated reduction in operating costs. By mutual agreement, Steve Barlow relinquishes his position as Chief ExecutiveOfficer and it has been agreed that his employment terminates in accordance withthe Terms of Employment as set out in his executive service agreement. He willremain as a non-executive Director on the Board. Gerard Cassels, FinanceDirector, and Paul Hambelton, Chief Marketing Officer, assume the role of jointChief Executive on an interim basis whilst the Board seeks to appoint apermanent CEO. The Group has already hired executive search consultantsPentasia to find a suitable replacement. Adrian Smith, an independent non-executive Director of the Group, is appointednon-executive Chairman whilst Nigel Blythe-Tinker moves to a non-executiveDirector position. Further to these changes, the Group also announces that it has reviewed theremuneration structure for the Board with reduced packages for all non-executiveDirectors. Steve Barlow will continue to contribute to the Group but this willbe on a non-paid basis at his own request. The Group continues to be confident about its future prospects and is lookingfor opportunities to deliver shareholder value in a rapidly consolidatingindustry. A trading update on the Group's performance in October will be made in November2006. Steve Barlow, non-executive Director, said: "Having followed closelydevelopments in the gaming industry, I believe it is now time to bring in newtalent to take the Group forward and lead it in the next stage of itsdevelopment. I will continue to help the Group in its strategic objectives andlook forward to working towards delivering increased shareholder value." Adrian Smith, non-executive Chairman, said: "The Board has charged managementwith reducing operating costs significantly over the fourth quarter of 2006, andreflecting these reductions in the 2007 plan. In addition, the Board hascommitted to examining any and all opportunities for improved shareholderreturns which will result from the recent changes in the online gaming industryfollowing the introduction of the Safe Ports Act. Gaming VC has never had anyoperations in the US." - Ends - For further information:Gaming VC Holdings S.A.Adrian Smith, Non-Executive Chairman Tel: +44 (0) 20 7398 [email protected] www.gamingvc.com Media enquiries:AbchurchChris Lane / Franziska Boehnke Tel: +44 (0) 20 7398 [email protected] www.abchurch-group.com 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 wageringactivity on behalf of players in the United States. Further information on the Company is available at www.gamingvc.com. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
GVC.L