<< < > >>
Search:
| Full PDF report | Print this page |
Annual Report & Accounts 2012 - NOTES
slide
<< < > >>
H ANNUAL REPORT 2012 o l d i n g G~VC s 21 RELATED PARTIES 21.1 Identity of Related Parties The Group has a related party relationship with its subsidiaries (see note 22) and with its Directors and executive officers. 21.2 Transactions with Directors and Key Management Personnel Nigel Blythe-Tinker is the Executive chairman of Pentasia Limited, a leading recruiter in the field of internet gaming. During the year ended 31 December 2012, Pentasia provided recruitment services to various members of the Group to a value of €17,689 (2011: €36,472). Karl Diacono is the Chief Executive Officer of Fenlex Corporate Services Limited, a corporate service provider incorporated in Malta. During the year ended 31 December 2012, Fenlex received €55,391 from the Group in relation to Company secretarial matters arising in Malta (2011: €31,138). The wife of Richard Cooper received dividends during the year of €35,100 in respect of his beneficial interest in the ordinary share capital of the Group. Richard Cooper and his wife were the shareholders of Rousset Capital Limited, a company incorporated in the United Kingdom. During the year ended 31 December 2011, Rousset Capital Limited provided conference and meeting room services amounting to £nil (€nil) (2011: £9,908 (€11,513)). Lee Feldman received dividends during the year of €19,162 (2011: €10,740) in respect of his beneficial interest in the ordinary share capital of the Group. Lee Feldman is the Managing Partner of Twin Lakes Capital, a private equity firm based in New York. During the year ended 31 December 2012, Twin Lakes Capital received £50,000 (€62,697) (2011: £50,000 (€58,910)) in relation to office services. The wife of Kenneth Alexander received dividends during the year of €81,467 (2011: €16,000) in respect of his beneficial interest in the ordinary share capital of the Group. The Directors are satisfied that all of the above arrangements were at arms-length commercial rates. Details of the remuneration of key management are detailed below: 2012 2011 €000's €000's Salaries and employee benefits 3,973 3,602 Share based payments 257 273 4,230 3,875 Details of Directors' remuneration is given in the Report of the Remuneration Committee on page 57. 22. GROUP ENTITIES Ownership interest Significant subsidiaries Country of incorporation 2012 2011 GVC Corporation B.V.* Netherlands Antilles 100% 100% Intera N.V. Netherlands Antilles 100% 100% GVC Sports B.V. Netherlands Antilles 100% 100% Gaming VC Corporation Limited Malta 100% 100% GVC Administration Services Limited England and Wales 100% 100% *also has a branch registered in Israel 52 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued for the year ended 31 December 2012