Investors of Playtech, a gambling technology firm, have expressed strong discontent regarding a proposed pay scheme that involves allocating €100 million in cash bonuses to top executives.

During the recent general meeting of the FTSE 250 company, 32.6 percent of shareholders who participated opposed the incentive plan, which would provide CEO Mor Weizer and other executives with substantial bonuses following the anticipated €2.3 billion sale of its Italian subsidiary, Snaitech, to Flutter Entertainment, the owner of Paddy Power.

Playtech initially disclosed its intention to implement this significant payout in September, sparking pushback from some investors. Australian activist investor Jeremy Raper described the proposal as a representation of “crony capitalism” and claimed it could be the most severe instance of shareholder value appropriation witnessed in UK public markets.

Upon announcing the Snaitech transaction, Playtech committed to returning between €1.7 billion and €1.8 billion to its shareholders from the sale proceeds.

A circular sent to shareholders last month detailed plans to grant Weizer a cash bonus of €50 million. The document also revealed that Chris McGinnis, the company’s finance chief, could earn up to €12 million from the bonus pool, with the remaining funds distributed among approximately 20 other executives.

Founded in 1999 by Israeli billionaire Teddi Sagi, Playtech specializes in providing software and games for gambling operators and has a workforce of 1,700 employees across 19 countries.

In addition to the proposed bonuses, Playtech aims to reshape its future bonus distribution system through a new “transformation plan” that would allow executives to receive significant share rewards.

More than 38 percent of the voting shareholders opposed this transformation initiative. Nevertheless, Playtech is permitted to move forward with its proposal as it requires only a 50 percent approval from voting shareholders.

The company has indicated that this pay restructuring was initiated by shareholders representing 34.38 percent of the company’s stock, who are expected to support the plan. These investors, whose identities remain undisclosed, are based in Asia and previously hindered a £2.1 billion acquisition bid by Australian firm Aristocrat Leisure two years ago.

A Playtech spokesperson commented, “We value the opinions of all our shareholders and appreciate their involvement prior to the general meeting. While we are pleased that all resolutions were approved, we recognize the level of dissent and will continue to engage with our investors.”

Playtech’s stock, which has seen an increase of more than 60 percent this year, dipped by 13p, or 1.8 percent, closing at 718p.