Javaid Aziz withdraws demands for Cryptologic EGM

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Speculation is that last week's threat by Cryptologic of a breach of contract suit against former CEO Javaid Aziz may have been the motivation for the latest development in the frosty relations between the two. In an investor update today the software company advised that it received notification on 4 March 2009 from counsel to Aziz that he "does not seek to rely on" the purported requisition for an extraordinary general meeting that the company received on 18 February 2009."

That could be interpreted as a cancellation of the former executive's demand for an Extraordinary General Meeting, which Cryptologic did not intend to grant in any case. Aziz has been critical of the management of the company and in recent times has attempted to nominate directors to the board and call EGMs, all of which have been turned down by the company.

Cryptologic therefore confirms that it will not be calling an EGM.

Source: InfoPowa News