Chairman's Speech to EGM
Sydney, Aug 25, 2014 AEST (ABN Newswire) - Donaco International Limited (
ASX:DNA) Chairman's Speech will be delivered at today's Extraordinary General Meeting of shareholders in Donaco International Limited (the Company).
Good afternoon ladies and gentlemen. Welcome to this Extraordinary General Meeting of Donaco International Limited. I am your Chairman, Stuart McGregor.
I would like to start by introducing my fellow Board members: Mr Joey Lim, our Managing Director and CEO; Mr Rob Hines, Non-Executive Director; Mr Benjamin Lim, Non-Executive Director; and Mr Ben Reichel, Executive Director and Company Secretary.
On behalf of the entire Board I would like to thank you for being with us today, and for your support of Donaco.
Both items on our agenda today relate to approvals required to facilitate the spin-off of our mobile technology business, which trades under the name iSentric. iSentric is a mobility services company that offers mobile content distribution, mobile payment aggregation, mobile banking and bespoke corporate mobility solutions.
Donaco acquired iSentric early last year, with the transaction being completed on 1 June 2014. The original reason for the acquisition was to position us for various online gaming opportunities which we were considering at that time. iSentric's expertise in secure mobile payments was highly relevant and valuable for those opportunities.
Since the acquisition was completed, the team at iSentric have been providing technology services to other businesses within Donaco. For example, iSentric currently provides technical support for the property management system, loyalty program, and third party technical integration at the Aristo International Hotel, the Company's flagship casino and hotel business in Vietnam.
Donaco has now moved to adopt a watching brief on the various online gaming opportunities presented to us. In addition, iSentric's core business of mobile technology solutions has continued to grow.
Accordingly, we have decided to spin off the iSentric business, to allow it to pursue its own growth path. The aim is to unlock value and to provide a reward for our loyal shareholders. It will also position Donaco as a pure play leisure and entertainment business, focussing on the huge demand for gaming entertainment from the expanding middle class in Asia.
Full details of the iSentric spin-off are provided in the Shareholder Booklet, which includes the notice of today's meeting.
To view a copy of the Chairman's Speech, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-DNA-813487.pdf
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.
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