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Annual Report & Accounts 2006 - Notes to the Consolidated Financial Statements
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Gaming VC Annual Report 2006 13 Related parties Identity of related parties The Group has a related party relationship with its subsidiaries (see note 14) and with its directors and executive of¢cers. Transactions with key management personnel Directors of the Company and their immediate relatives control 7.23% of the voting shares of the Company as detailed below: 31 December 31 December In shares 2006 2005 Steve Barlow 2,251,927 2,551,927 Scott Miller ^ 2,265,927 Dr Robert Willis ^ 2,551,927 In addition to their salaries, the Group also contributes to a post-employment de¢ned contribution bene¢t plan on their behalf. The key management personnel compensations are as follows: Year ended 31 December Year ended 31 December In thousands of euro 2006 2005 Post-employment bene¢ts 22 35 Total remuneration is included in ‘‘personnel expenses’’ (see note 2): Year ended 31 December Year ended 31 December In thousands of euro 2006 2005 Directors 1,430 903 14 Group entities Signi¢cant subsidiaries Country of incorporation Ownership interest 31 December 2006 31 December 2005 Gaming VC (Cyprus) Limited Cyprus 100% 100% Gaming VC (Jersey) Limited Jersey 100% 100% GVC Corporation BV Netherland Antilles 100% 100% GVC Corporation II BV Netherland Antilles 100% 100% 15 Accounting estimates and judgements Management discussed with the Audit Committee the development, selection and disclosure of the Group’s critical accounting policies and estimates and the application of these policies and estimates, main accounting estimates and judgements for the year relate to the valuation of intangible assets (see note 6). 16 Subsequent events There have been no subsequent events between 31 December 2006 and the date of the signing of these accounts that merit inclusion.