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Lord Moonie Steps Down from the Board

Lord Moonie

On Wednesday, digital entertainment plc announced to the London Stock Exchange that Lord Moonie has stepped down from his duties as a non-executive director with immediate effect, reducing the number of board members to nine.

Lord Moonie joined PartyGaming in December 2007 as an Independent Non-Executive Director, became the Senior Independent Director in August 2008 and remained as a director after the merger with bwin Interactive Entertainment AG in March 2011.

In a statement to the London Stock Exchange, Chairman of Simon Duffy said: “Lewis has made a significant contribution to both the development of PartyGaming and We thank him for his tireless efforts over the last six years and wish him well for the future.

“This change conforms our previously stated aim to reduce the size of the board, whilst maintaining compliance with the UK Corporate Governance Code’s recommendation on the balance of independent and non-independent directors.”

According to the latest available financial statements, Lord Moonie received £160,317 in 2012 for his role on the board and currently holds 16,152 shares in the company.

The share price (ticker: BPTY) was indifferent to announcement of Lord Moonie’s departure, remaining around 116.60 pence per share. That price is set to soar, however, if and when are issued an operating licence in New Jersey. The majority of the board members will benefit greatly from a share price increase, especially CEO Norbert Teufelberger and Non-Exectuive Director Manfred Bodner who old more than 19.8 million shares each.

Lord Moonie’s departure follows that of former Co-CEO Jim Ryan who left the company in January 2013. There are now nine members on the board:

Simon DuffyNon-Executive Chairman
Norbert TeufelbergerGroup Chief Executive Officer
Martin WeigoldChief Financial Officer
Per ArfellIndependent Non-Executive Director
Manfred BodnerNon-Executive Director
Helmut KernIndependent Non-Executive Director
Rod PerryDeputy Chairman and Senior Independent Director
Georg RiedlNon-Exective Director
Sylvia ColemanIndependent Non-Executive Director

Lead image courtesy of The Telegraph

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