Online gaming operator 888 said Thursday that former chief executive Gigi Levy has stepped down from the company’s board of directors, with immediate effect.
Levy resigned as chief executive of 888 in April 2011, however, he continued to serve on the company’s board and was re-elected to that position earlier this month at the company’s annual general meeting.
As previously reported, 888 had entered into an amendment agreement with the vendors of Wink Bingo in March 2011 to reschedule an earn out payment which was due in May 2011.
As part of that deal, 888 agreed that Wink Bingo may require the company to initiate a sale of the Wink Bingo business to facilitate repayment of the outstanding debt, if Levy ceased to be a member of the 888 board.
The deadline for the deferred final earn-out payment was set for May 21st 2012.
In response to an enquiry by Gaming Intelligence regarding the status of the payment to Wink Bingo, 888’s chief financial officer Aviad Kobrine stated that the company “has met all its obligations ahead of time and thus extinguished all its obligations in respect of the Wink acquisition”.
Shares in 888 Holdings plc (Co. Data) (LSE:888) have traded between 68.00 pence and 68.75 pence per share today and are currently at 68.00 pence per share,
http://gamingintelligence.com/people/16249-gigi-levy-steps-down-from-888-board
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