CEO and CFO pushed out

MANAGEMENT has been swapping and changing with Canada’s Amaya Gaming Group recently. Following the recent acquisition of 80.79% of Amaya’s Gaming Group, David Baazov has stepped into the role CryptoLogic CEO in place of David Gavaga.

Gavaga has been involved with Cryptologic since 2009. Other changes include the departure of CFO & COO, Huw Spiers, who is replaced by Amaya CFO Daniel Sebag. On the board of directors, Simon Creedy Smith & James Wallace are also on the way out with immediate effect, whilst Thomas Byrne & Gavagan will stay on as non-executive directors.

Baazov has been appointed an executive director, along with a new name – Divyesh Gadhia – who joins as a non-executive director.

Spiers, Nick Catros & Gavagan’s resignations from the board of subsidiary CryptoLogic Exchange Corporation (CEC) have been accepted, & they have been replaced by Baazon, Sebag & Gadhia.

The new management has advised that it intends to apply for the delisting of CryptoLogic shares on the London Stock Exchange, the Toronto Stock Exchange & the Nasdaq.

“CryptoLogic shareholders should note that such cancellations will reduce significantly the liquidity and marketability of CryptoLogic shares which have not been acquired by Amaya under the offer,” said CryptoLogic in a statement to the London Stock Exchange this morning.

“Once cancellation has taken effect, CryptoLogic shareholders will no longer be able to effect transactions in CryptoLogic shares on market at the market price.”