Transaction Update
Sydney, Mar 11, 2015 AEST (ABN Newswire) - Donaco International Limited (
ASX:DNA) ("the Company") confirms that the proposed acquisition of Star Vegas Resort and Club in Cambodia ("the Transaction") continues to move ahead, with the conditions precedent to the Transaction being resolved in an orderly manner.
Financing Update
The Company confirms that it has signed a binding commitment letter with Mega International Commercial Bank Co., Ltd for the USD100 million commercial loan facility. Mega Bank is one of Taiwan's largest commercial banks, with a significant presence in Cambodia. The terms of the facility are as summarised in the Shareholder Booklet and Independent Expert's Report mailed to shareholders on 24 February 2015.
The funds raised under the recent entitlement offer have already been converted from Australian dollars to US dollars.
Process Update
The Shareholder Booklet states (on page 20) that the shares to be issued to the vendors will first be issued to Donaco's own wholly-owned subsidiary in Hong Kong, to be held on trust for the vendor until final completion. Following further discussions with Mega Bank, the trust structure is no longer required. The shares will be issued directly to the vendors (or their nominees) upon completion of the Transaction, provided that shareholder approval is given at the Extraordinary General Meeting on 27 March 2015.
To view original release, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-DNA-847475.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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