iSentric Spin-off - Satisfaction of Conditions Precedent
Sydney, Sep 8, 2014 AEST (ABN Newswire) - Donaco International Limited (
ASX:DNA) (Donaco) announces that the conditions precedent to the distribution approved by shareholders on 25 August 2014 have now been satisfied. Completion of the sale agreement with OMI Holdings Limited (OMI) has now occurred, with Donaco selling 100% of its interest in iSentric Sdn Bhd to OMI.
In consideration, Donaco has been issued with 60 million OMI shares. OMI will be renamed iSentric Limited (iSentric) prior to its re-admission to quotation on the ASX.
In accordance with the terms of the Notice of General Meeting dated 22 July 2014:
- Donaco will distribute the majority of the iSentric shares to eligible Donaco shareholders, who will receive approximately 0.13 iSentric shares for each Donaco share held at 7:00pm on the record date of 12 September 2014;
- the distribution will be implemented by way of a capital return and payment of a special dividend on Donaco shares;
- Donaco will distribute the iSentric shares to eligible Donaco shareholders on 16 September 2014; and
- Ineligible shareholders, and those shareholders who have elected to submit a sale facility form by 12 September, will have their iSentric shares sold via the sale facility, and the proceeds (less costs) remitted in cash.
The distribution consists of a combination of a capital return component representing approximately $8,500,000, and a special dividend component representing approximately $3,500,000.
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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