NEW YORK, Feb. 17, 2014 /PRNewswire/ -- SpringOwl Gibraltar Partners B Limited ("SpringOwl") announces that it has agreed in principle to acquire, in aggregate, 49,829,863 ordinary shares in bwin.party digital entertainment plc ("bwin"), representing approximately 6.1% of the ordinary share capital of bwin, from Emerald Bay Limited ("Emerald") and Stinson Ridge Limited ("Stinson"). Emerald and Stinson are companies connected with Ruth Parasol DeLeon and Russell DeLeon and certain trusts which they have established.
As part of the transaction SpringOwl will also be assigned the right to appoint one director to the bwin board as contemplated by the New Relationship Agreement entered into between Emerald, Stinson, bwin and others on 20 July 2010. Notice of the proposed transaction has been given to bwin by Stinson and Emerald Bay in accordance with the New Relationship Agreement and it is expected that the transaction will be completed within the next two weeks.
Following the transaction, SpringOwl may sell shares representing approximately 1% of the issued share capital of the Company.
SpringOwl is a Cayman company which is managed by Cumberland Associates LLC ("Cumberland"). Cumberland, an SEC registered investment advisor, is the investment manager for a number of fund vehicles. Cumberland typically adopts an active approach to its investments.
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SpringOwl Asset Management LLC
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SOURCE SpringOwl Gibraltar Partners B Limited