Amaya Inc. to Become "The Stars Group Inc."

Investors for Amaya Inc, the owner of PokerStars, have been informed that the company has moved to propose a corporate name change to ‘The Stars Group Inc’.

After publishing some robust Q1 figures recently which saw the companies revnue increase by 18.5% compared to Q1 last year (including a 1.1% growth in poker revenue), it seems that it is all change at the online gaming giant owner. Not only will there be shareholders vote on the proposed name change next month, but furthermore, the entire operation will be relocating its headquarters from Montreal to Ontario.

Perhaps those in charge feel like a fresh start is what is needed to effetively 'wipe the slate clean' of the unfavourable headlines which have plagued Amaya for the past couple of years ever since the Montreal offices were raided by the Canadian securities regulator Autorité des Marchés Financiers (AMF) in 2014. Trials are still ongoing for the likes of former CEO David Baazov who has been accused of insider trading while running the company.

With David Baazov's ambitions to take Amaya back into private ownership thwarted, the company is looking for a fresh start

Amaya and their investors have worked hard to keep Baazov out of the picture since he stepped down as CEO. Baazov has tried (and failed) on numerous occasions to raise funding to stage a takeover bid to take the publicly traded company he founded in 2006 back into private ownership. After his last failed attempt, a restructured finance deal between Amaya and their investors stipulated that if "a certain current shareholder" were to either directly or indirectly acquire control of the company that the deal would be voided.

By relocating to Toronto and changing the name given to the company by Baazov (a play on Avaya, the computer networking company where the sister of his chief financial officer worked), it would appear that as many traces of the Baazov era as possible are being swept away. Baazov still owns 12.1% of the company, however, despite selling 7 million shares earlier this year for $133m.


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