Update on Freezing Order for Thai Vendor Shares
Sydney, May 7, 2020 AEST (ABN Newswire) - Donaco International Limited (
ASX:DNA) (UGS:FRA) is pleased to provide an update to the status of the freezing order over the shares in Donaco held by Somboon Sukcharoenkraisri, Lee Bug Tong, Lee Bug Huy, Lee Hoe Property Co., Ltd, Paramax Co., Ltd and related persons (together, the "Thai vendors") referred to in Donaco's announcement of 2 March 2020 (Further extension of Freezing Order).
In accordance with the settlement agreement between Doncao and the Thai vendors dated 2 March 2020 ("Settlement Agreement"), the Supreme Court of NSW lifted its freezing order over the Thai vendor's 148,199,529 shares in Donaco (comprising 17.99% of Donaco shares on issue) which was effective until 5.00pm on 1 May 2020.
Under the Settlement Agreement, the Thai vendors have agreed to a voluntary escrow under which they will not dispose of their 148,199,529 shares in Donaco for 6 months from 2 March 2020, the date of the Settlement Agreement.
About Donaco International Ltd
Donaco International Limited (ASX:DNA) operates leisure, entertainment and associated technology businesses across the Asia Pacific region.
Donaco's largest business is the Star Vegas Resort & Club, a successful casino and hotel complex in Poipet, Cambodia, on the border with Thailand. Star Vegas was established in 1999, and is the largest and highest quality of the Poipet casino hotels. The property has more than 100 gaming tables, more than 1400 slot machines, and 385 hotel rooms.
Donaco's flagship business is the Aristo International Hotel, a successful boutique casino in northern Vietnam, located on the border with Yunnan Province, China. Established in 2002, the property has recently been expanded to a brand new five star resort complex with 400 hotel rooms. Donaco is a pioneer casino operator in Vietnam, and owns a 95% interest in the business, in a joint venture with the Government of Vietnam.
| ||
|
