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first_img Ray Wilson, AMLGS: Industry deserves praise for its reaction to a new normal July 23, 2020 Share Swedish gaming company Cherry has increased its stake in affiliate firm Gaming Lounge, taking its total holding to 95%.Three years after its wholly owned subsidiary, Cherry Malta Ltd, acquired 51% of the shares in the company, the gaming group has resolved to take onboard a further 44% that will be financed through a combination of cash and a new issue of shares.Shares remaining following the acquisition are to be held by the founders of Game Lounge, with the individuals also set to stay on as the company’s Head of Sales and Chief Executive Officer respectively.Anders Holmgren, CEO of Cherry, said: “Game Lounge holds a strong position in a growing market. In the third quarter 2017, Game Lounge continued to grow, and revenue amounted to MSEK 45, an increase of 180 percent compared with the third quarter 2016. EBITDA margin amounted to 75 percent. “Game Lounge’s business model is remarkably scalable, the company has unique capabilities in search-engine optimization (SEO) and is the recognized standard in affiliation within the gaming industry.“We see great potential to expand the scope of the business to also include other segments, such as the loan affiliate website Lainat.fi, acquired by Game Lounge in November.”Cherry has stated that the purchase price is based on a multiple of 4.5 times the 2017 profit of the affiliate operation and 6 times the 2017 profit of the white label operation.Adding that ‘the cash portion is to be disbursed before 30 April 2018 and the new issue must be settled by the Cherry AB Annual General Meeting in May 2018, after which the transaction is expected to be closed.’ Related Articles StumbleUpon TVBET passes GLI test for five live games in Malta and Italy August 25, 2020 Share Submit Genesis to appeal UKGC’s ‘disproportionate suspension’ July 23, 2020last_img read more

first_imgShareTweetShareEmail0 SharesFebruary 9, 2014; SlateThis is probably overstated, so we hope all dyed-in-the-wool defenders of the morality of free enterprise weigh in to condemn this perspective, but here it is: Boy, are we glad that we work in, with, and for nonprofits, and share in broad terms something that we’ve heard described as “nonprofit values.” Sure, it’s not like everyone agrees about what nonprofits stand for, but we’re reasonably confident that few nonprofit leaders we have met, no matter whether on the left or the right, would say what CEO Tim Armstrong said to justify his proposed changes in the 401(k) program offered by AOL to its employees.Armstrong recently announced that he was going to change the company’s retirement program by making the company’s matching contribution an end-of-the-year lump sum payment, meaning that employees would lose the benefit of compounding interest on the company match and those employees who left during the year wouldn’t get the benefit of the company’s investment in their 401(k).In response to protests, Armstrong left his brain at the door and justified the change with two factors he said had created financial problems for the corporation. One was a generic attribution of financial problems to the advent of “Obamacare.” That kind of all-purpose, broad-brush blaming of the ACA for causing the company’s health costs to rise is intellectually dubious, to say the least. Obamacare has barely gotten off the blocks. Suggesting that national health insurance reform is to blame for AOL’s financial challenges is ludicrous at a minimum.That wasn’t enough for Armstrong. He then added a second explanation that in 2012, “We had two AOL-ers that had distressed babies that were born that we paid a million dollars each to make sure those babies were OK in general. And those are the things that add up into our benefits cost. So when we had the final decision about what benefits to cut because of the increased healthcare costs, we made the decision, and I made the decision, to basically change the 401(k) plan.”Yes, he blamed two babies who were covered on a family health insurance plan obtained through AOL. Deanne Fei, the mother of one of the two “distressed babies,” writes in Slate that she was surprised to learn that she and her AOL-employed husband were the reasons for Armstrong’s attempt to roll back the company’s 401(k) retirement savings plan. In the Slate piece, Fei explains the details about how she “supposedly became a drain on AOL’s coffers.” It is an amazing story that resulted in, after months in the NICU and dozens of medical procedures, a baby girl with photos in Slate that are nothing short of adorable.Fei’s outrage with Armstrong is palpable and understandable:“I take issue with how he reduced my daughter to a ‘distressed baby’ who cost the company too much money. How he blamed the saving of her life for his decision to scale back employee benefits. How he exposed the most searing experience of our lives, one that my husband and I still struggle to discuss with anyone but each other, for no other purpose than an absurd justification for corporate cost-cutting.”She adds that at work, her husband’s colleagues grilled him on whether Armstrong was making his daughter the cause célèbre for the company’s retirement policy change.After his blockheaded policy announcement—which followed reports of the best quarterly earnings of AOL in years—Armstrong succumbed to widespread criticism, including fact checking that revealed the financial implausibility of his arguments, and ultimately reversed himself and the proposed policy, though his retraction wasn’t quite an apology to the high-risk pregnant women and others who get covered by the health policy. While Fei’s “distressed baby” might have cost the company a million dollars (though it didn’t), Armstrong didn’t suggest that he reduce any of his $12 million in take-home pay that year to avoid having to downgrade the AOL retirement savings plan.The significance of the AOL controversy to nonprofits? Maybe we’re wrong, but it’s really hard to imagine too many nonprofits pulling a stunt like Armstrong’s and blaming an unexpectedly difficult pregnancy for the change in retirement savings policies. As Fei notes, “Our daughter has already overcome more setbacks than most of us have endured in the span of our lives. Having her very existence used as a scapegoat for cutting corporate benefits was one indignity too many.” It might be worth noting that Fei’s husband worked for one of AOL’s highest profile “brands” as an editor of the AOL-owned Huffington Post.—Rick CohenShareTweetShareEmail0 Shareslast_img read more