It was the first time since David Baazov CEO of Amaya Inc. left the gaming conglomerate on a voluntary base, that the shareholders met on Tuesday.
As Baazov and other Amaya executives are still being investigated after being accused of insider trading, the gathering, also known as the Annual General Meeting (AGM) in Quebec, was a media-free event.
Five charges of insider trading were filed against Baazov back in March by the Quebec’s Autorité des Marchés Financiers (AMF).
Before Amaya’s $4,9 billion takeover of PokerStars’s parent company, The Rational Gropu, there has been potentially suspicious trading activity which have now lead to several charges. At the end of March Baazov took a leave of absence from his position although he denied any wrongdoing.
Prior to his legal issues, a private consortium and Baazov were in the running of taking over Amaya for $1,55 billion. This only complicated the issues more.
Large Loom Baazov Issues
With his takeover bid there was suggested that the controversial Baazov wanted to return back to the private sector with the business, as he is still the largest shareholder at 17 percent in the public company.
‘But now the vexed executive has been summoned to appear in a Quebec court on September 7, along with two associates and three business entities. Perhaps because of this, the June 28 meeting was closed to non-shareholders as well as any and all media.’
The spokesman of Amaya/PokerStars, Eric Hollreiser said the following:
‘We’re treating it the way we feel is appropriate for shareholders this year’.
PokerStars Players Affected by Charges?
In an official press release that was issued after the meeting, the fact was confirmed that Amaya is considering its options towards a potential takeover.
‘While there can be no assurance that this process will result in a transaction of any kind, the Special Committee is focused on completing its review of strategic alternatives in a timely manner.’
Baazo has entered into several confidentiality agreements with Amaya, noted by the presser.
As Amaya is the parent of Full Tilt and PokerStars, any sort of take over could affect the poker players.
The largest change could come from Amaya moving from a public company to a private entity which would give the board of Amaya free way to implement any changes as they saw fit.
Before the Amaya takeover, the Rational Group was a private company and could now go back to that same point, which is however still not the case at this moment.