In a meeting last week in Gibraltar, the officials, stockholders and proxies of PartyGaming PLC held their Annual Group Meeting to accept the Fiscal Year 2008 financial report, confirm members of the Board of Directors and decide on other stock issues facing the company. In twelve different poll votes – allotted per shares held – PartyGaming looked to get 2009 fully started by closing the door on 2008.
First on the agenda for the gathering was the approval of the annual report, which passed with virtually no opposition. This report offered detailed analysis of the earnings in all sectors of their company, including PartyGaming’s largest division, PartyPoker. The report admitted that the economic climate is currently poor but remained positive and realistic about company expectations for 2009.
Second was the renewal of membership on the Board of Directors for four key members of the PartyGaming management. First up was the latest member to join the PartyGaming team, Rami Lerner. Lerner joined PartyGaming on March 5th upon the resignation of non-executive director John Davy on the board. Lerner and the other renewals were overwhelmingly approved – with 99.9% votes in favor – by the Group. The 54 year old Lerner previously worked in Israel’s Prime Minister’s Office from 1981 to 2003, finishing his career as an Executive Senior Officer. Between 2003 and 2005 he was the Chief Executive Officer of the Society for the Protection of Nature in Israel.
Next up was PartyGaming CEO Jim Ryan, who has overseen vast changes in the PartyGaming organization since he assumed the position in mid-2008. After the votes were tallied, Ryan and fellow Board of Directors members Rod Perry and Martin Weigold, who have both been with PartyGaming since 2005, faced no opposition to their return to the Board of Directors. Perry will continue to hold the title of Chairman of the Board and Weigold will continue in his position as Finance Director.
Finally, the AGM voted on various stock issues that needed attention. They voted on whether to approve and authorize a share capital increase and a share allotment authority. The amount of share capital a company has is important, as it can change over time. Each time a business sells new shares to the public in exchange for cash, the amount of share capital will increase. Share capital can be composed of both common and preferred shares.
These measures passed without much objection from the voting parties. To wrap up the proceedings, the AGM also allowed those in charge of the authority to make purchases of shares of PartyGaming itself.
With the completion of the PartyGaming Annual Group Meeting, the company is well focused to move on into 2009. With its recent resolution with the U. S. Department of Justice over previous legal issues and the continued growth of PartyGaming in Europe, the company is poised to improve on its 2008 Fiscal Year numbers. As of press time, PartyGaming was trading at 263.25p, or up 3.75p.

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