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PartyGaming welcomes new CEO with options

Created:
30 June 2008
Written by:
Nathalie Olof-Ors

Jim Ryan, the newly appointed chief executive of PartyGaming, has been granted options over 1.5m shares to be vested during the next five years. Mr Ryan has also agreed to build up a stake of at least 300,000 shares, not before time too, as he currently holds no shares at all in the company.

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Mr Ryan is succeeding Mitch Garber, who resigned in May to return to America.

SHARE TIP UPDATE

Sell

The share price had a strong run shortly in May on rumours of an early settlement with the US Department of Justice. But hopes of an early deal were too optimistic and the shares are now down 7 per cent since our sell recommendation (8 May, at 25p or 282p following the share split). Regulatory speculation aside, Mr Ryan still faces the difficult task of improving fast-declining poker yields in an over-supplied market. Sell at 260p.

Last IC view: Sell, 25p, 8 May 2008

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