Bwin.party calls extraordinary meeting to pass pay deal

The share price had to reach a minimum of 202p by the end of 2013 for awards to executives to kick in, the most recent remuneration report disclosed.

Bwin.party shares have fallen by more than 40pc to around 111p since the 2011 merger. The gambling group said during the first six months of 2013 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.

“The board considers the plan to be in the best interests of the company, shareholders and depositary interest holders as a whole,” the board of directors said in a recommendation to shareholders, adding that it had carried out discussions with about 60pc of shareholders.

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

The shareholder meeting is due to take place in Gibraltar where the company is based on February 24, and UK investors can vote online by February 22.

It was announced last October that Russ DeLeon and Ruth Parasol who set up PartyGaming in 1997 are exiting their combined14pc 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 was taking bets “illegally” from Belgian punters. He was released without charge.

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