Bwin.party calls EGM to clear pay deal

One of these two schemes – the value creation plan – awarded senior management shares depending on the performance of the share price.

It had to reach a minimum of 202p for awards to executives to kick in, the most recent remuneration report for the year ended December 31, 2012 disclosed.

But Bwin.party shares have fallen by more than 40pc to around 111p since 2011’s merger. The gambling group said during the first six months of 2013 that online bets more than halved in Germany due to the introduction of a betting tax. Overall the company saw the number of active daily players fall by a quarter during the six months ended June 30.

In the circular on the new scheme, bwin.party said: “The board considers the plan to be in the best interests of the company, shareholders and depositary interest holders as a whole.” It added that it had carried out discussions with about 60pc of shareholders.

The group will need support from more than 75pc of votes cast at the February meeting to pass the new bonus plan.

Last October, it was announced that Russ DeLeon and Ruth Parasol, who set up PartyGaming in 1997, would be selling their combined 14pc stake as part of a divorce settlement. The shares are to be sold during the next three years.

Mr Teufelberger was called in for police questioning while attending a gaming conference in Brussels last year following allegations bwin.party was taking bets “illegally” from Belgian punters. He was released without charge.

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