22 related parties
22.1 identity of related parties
the Group has a related party relationship with its subsidiaries and with its directors and executive officers.
22.2 transactions with directors and Key management personnel
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 2015, Fenlex received €97,385 from the Group in relation to Company secretarial
and other matters arising in malta (2014: €45,979).
Richard Cooper received dividends during the year of €934 (2014: €917). the wife of Richard Cooper received dividends during
the year of €184,800 (2014: €171,417) in respect of her interest in the ordinary share capital of the Group.
lee Feldman received dividends during the year of €79,265 (2014: €67,416) 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 2015, twin lakes Capital received €68,715 (2014: €31,435) in relation to office services.
Kenneth alexander received dividends during the year of €69,264 (2014: €47,850). the wife of Kenneth alexander received
dividends during the year of €175,466 (2014: €172,333) in respect of her interest in the ordinary share capital of the Group.
22.3 transactions with directors and Key management personnel
details of the remuneration of key management are detailed below:
short term employee benefits (directors) 8,915 8,699
short term employee benefits (Key management) 2,099 1,934
termination benefits 808 -
share based payments 522 470
details of directors' remuneration is given in the Report of the Remuneration Committee on page 29.
23. continGent liaBilities
the Group, through its trading websites, offers progressive jackpots on slot machines.
23.1 casinoclub progressive Jackpots
CasinoClub offers an equivalent system in which only its own customers participate. this means that CasinoClub make no
contributions to the central fund as it builds up (since they are the only operator in the scheme, this would serve no purpose)
and, should a CasinoClub customer win the progressive jackpot, there is no central fund to cover the payout so the cost of this
would be taken directly to the income statement in the period in which it would be won.
across 44 games, the total of the available jackpots at 31 december 2015 was €6.9 million (2014: 44 games and total available
jackpot of €5.7 million). the single largest jackpot available amounted to €3.3 million (2014: €3.2 million).
the Group had one winner of a significant jackpot (2014: none), winning a prize of €226,000.
23.2 east pioneer corporation Guarantee
on 21 November 2011 the Group entered into a service agreement and guarantee relating to the acquisition by east Pioneer
Corporation B.V. ('ePC') from sportingbet PlC of superbahis, a turkish language website. the maximum contingent liability
under this agreement at inception was €171 million. the directors consider this has a fair value of €nil (2014: €nil).
the Group continues to provide back office and support services to ePC. Following the acquisition of sportingbet PlC on
19 march 2013 the Group now receives all payments of amounts from ePC under the Business Purchase agreement and other
transaction documents and does not now offer any guarantee of payments to legal entities outside of the Group.
GVC HOLDINGS PLC ANNUAL REPORT 2015 83
notes to the consolidated financial statements