Aquis Chief Executive Officer Justin Fung said the move showed the proposed takeover bid was on track with both parties working co-operatively to achieve a successful takeover.
“We are pleased to have reached this agreement for the Reef Casino Trust,” Mr Fung said.
Mr Fung said he welcomed the announcement today by the board of Reef Corporate Services Limited on behalf of the Reef Casino Trust that it unanimously supported the proposed takeover offer by Aquis (subject to certain matters set out in full in that announcement).
RCT’s two largest unit holders, Casinos Austria International and Accor who collectively have a relevant interest in more than 70 per cent of the units in RCT, have also confirmed that they intend to accept the Offer in respect of all of their RCT units within two weeks of the Offer opening and would not withdraw that acceptance.
Subject to the terms of the Takeover Bid Implementation Agreement, Aquis will make an off-market cash bid to acquire all of the ordinary units in RCT for $4.354 in cash per unit. This bid, in conjunction with other share purchase agreements for other entities related to the operations of Reef Casino, will deliver ownership of the Reef Hotel Casino. Aquis has also separately agreed with Casinos Austria to acquire Casino Canberra.
The proposal, if it proceeds, would provide investors in the Reef Casino Trust with a very attractive return on their investment, with the proposed price representing a 53.3% premium on the closing price ($2.84) on 12 November 2013 (the last trading day prior to this proposed bid being announced) and 69.4% premium to the six-month VWAP of $2.57.
As well as the acquisition of Reef Casino Trust, Aquis is participating in the State Government process that commenced in late 2013 for the grant of two regional integrated resort licences.
“As well as the acquisition of Reef Casino Trust, work is also continuing on the Aquis project. If we are successful, I can see the Reef Casino offering additional synergies and benefits to staff and the Cairns community through becoming part of that exciting and much larger integrated project,” Mr Fung said
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Hope that whatever we need to do is for the benefit of our business. Now, we should think of good things that might be effective in our investments. Property Investment Mackay should be accompanied by hardwork from us and a well planned strategy that is specially designed for our success.
ReplyDeletehttp://www.positivepropertyinvestments.com.au/properties/property-investment-mackay/