19th Apr 2006 09:00
PartyGaming Plc19 April 2006 19 April 2006 PartyGaming Plc ("PartyGaming" or the "Company") Chief Executive Officer Further to the announcement made by the Company on 22 March 2006, Richard Segalhas today stepped down both as the Chief Executive Officer and as a Director ofthe Company. As disclosed previously, Mr. Segal will remain an employee of theCompany until 4 May 2006 to assist with the orderly transition of his duties tothe new Chief Executive Officer. Mitchell A. Garber's appointment as Chief Executive Officer and a Director ofthe Company takes effect from today following his relocation to Gibraltar. In accordance with the terms of his share option grant letter and under theterms of the PartyGaming Plc Share Option Plan, Mr. Garber has today beengranted an option over 27 million shares of 0.0015p each in PartyGaming ("Shares"). This is a nil-cost option which on exercise will be satisfied from existingShares held by PartyGaming's employee trust and no consideration has been paidfor the grant of this option. The option will be exercisable (subject to theCompany's dealing code) until 19 April 2016 and will vest in regular tranchesuntil 19 April 2010. Vesting of the option in respect of 20 million Shares willbe subject to PartyGaming achieving certain total shareholder return performancetargets against both the FTSE 100 index and a comparator group of listedcompanies. Mr. Garber currently has no other interest in the Company's share capital. Contacts: PartyGaming Plc +44 (0)20 7337 0100 Peter Reynolds, Director of Investor RelationsJohn Shepherd, Director of Corporate Communications Financial Dynamics +44 (0)20 7831 3113 Edward Bridges / Juliet Clarke About PartyGaming Plc Founded in 1997, PartyGaming Plc is the world's leading online gaming companyand owns and operates PartyPoker, the world's largest online poker room as wellas EmpirePoker, MultiPoker, IntertopsPoker and PokerNOW. Other online gamingactivities include casino, principally through PartyCasino.com,StarluckCasino.com and also online bingo through PartyBingo.com. PartyGaming Plc is listed on The London Stock Exchange under the ticker: PRTY.In the year to 31 December 2005, the Group had revenues of $977.7m and generatedClean EBITDA of $583.7m and profit before tax of $324.9m. Regulated and licensed by the Government of Gibraltar, the Group has over 1,300employees located in the head office and operations centre in Gibraltar, abusiness process outsourcing operation in Hyderabad, India and a marketingservices subsidiary in London. The Group has customers in over 190 countries. PartyPoker.com hosted over one billion hands of poker in 2005 with a totalamount wagered of $45.8 billion and regularly supports up to 80,000 peopleplaying online at any one time. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
BPTY.L