Joffre Co-Founder and Managing Partner James Lu
Resigns from Playtika Board of Directors
LOS
ANGELES, Dec. 8, 2022 /PRNewswire/ -- Joffre
Capital ("Joffre" or the "Firm") a global investment firm focused
on control positions in leading consumer software, technology and
internet businesses, today announced that, due to certain
conditions at the Company and with Playtika Holding UK II Limited
("PHUKII"), it is unable at this time to proceed to pre-closing
under the announced stock purchase agreement dated June 27 (the "Purchase Agreement") to acquire
106,102,467 shares of Playtika Holding Corp. (NASDA: PLTK)
("Playtika or the "Company") from PHUKII.
In addition, James Lu, Co-Founder
and Managing Partner of Joffre, has resigned from the Playtika
Board of Directors (the "Board"), effective November 30. In a
letter delivered to the Board on November
30, Mr. Lu outlines objections with the Company as reasons
for his resignation, including:
- Significant deficiencies in the Company's current governance
practices;
- Lack of response to a letter Mr. Lu sent to the Board on
July 16, 2022 regarding those
practices and actions needed to remedy them;
- Conflicts of interest driven by the Board being largely
controlled by Company management; and
- Lapses and communications failures as a result of structural
issues within the Board.
"As long-term investors who believe deeply in Playtika's
business, we are disappointed that we are unable to move forward
with our acquisition of Company stock at this time," said Mr.
Lu. "We were excited about the opportunity to help Playtika
capitalize on its market position and growth prospects.
Despite my immediate efforts to work with the Board to
address the Company's deficient corporate governance practices,
which were outlined in a letter I delivered to the Board on
July 16, the Board has failed to act
in a sufficiently meaningful manner. After several months of
attempting to work with PHUKII, it has become clear that Joffre is
not able to proceed to pre-closing outlined in the Purchase
Agreement in part due to Playtika management's domination of the
Board, which is directly contrary to assurances made by PHUKII
prior to signing the Purchase Agreement. Pursuant to the
terms in the Purchase Agreement, we will seek to recover our
initial payment to PHUKII, which we have requested be returned
immediately."
About Joffre Capital
Joffre Capital is a global investment firm focused on control
positions in leading consumer software, technology and internet
businesses. Led by a team of entrepreneurs and technology
executives with cross-regional experience and relationships, Joffre
accelerates growth in its portfolio companies by bridging geography
gaps and expanding into new products, services and markets.
The firm has multiple billion dollars under management and a
presence across the US, Europe and
Asia.
Media Contacts
ASC Advisors
Steve Bruce / Taylor Ingraham
sbruce@ascadvisors.com / tingraham@ascadvisors.com
1-203-992-1230
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SOURCE Joffre Capital