Tuesday, March 29, 2016
Amaya CEO takes leave of absence; stock up on news
Amaya Inc. (NASDAQ (NBI): AYA; TSX: AYA) today announced that Chairman and Chief Executive Officer, David Baazov, is taking an indefinite paid leave of absence from the company, effective yesterday. Mr. Baazov is taking this leave voluntarily to focus on preparing an offer to acquire Amaya (AYA) and to avoid a distraction for the company while he responds to certain allegations made against him by the Autorité des marchés financiers (AMF), the securities regulatory authority in Quebec. Mr. Baazov will remain a member of Amaya's board of directors.
The stock was actually up around 15% today on this news. There is nothing fundamentally wrong with the business. With Baazov stepping aside the focus can go back to the actual results of the company and no the insider trading sideshow that does not even involve the corporation.