Australia-based Aquis Leisure has formally introduced that it has finalized the sale of its whole subsidiary, Canberra-based Aquis Canberra Pty Ltd, higher often called the On line casino Canberra web site, to Iris CC Holdings Pty Ltd for an irrevocable sale worth of AU$63 million, which is roughly US$42.5 million.
New buy:
Beneath the phrases of the sale settlement, Aquis acquired a completion cost from Iris of AU$60.5 million, which is roughly US$40.8 million.
Nonetheless, a further cost of AU$2.5 million, which is roughly US$1.7 million, is held in escrow in the mean time and shall be launched to Aquis in 9 months. This occurred as a result of there was no guarantee declare.
As well as, Aquis will repay the complete AU$20.4 million mortgage to its majority shareholder, Aquis Canberra Holdings (Aus) Pty Ltd. The debt was incurred through the Aquis On line casino Canberra funding.
All through the official announcement of the sale, Aquis officers stated: “The corporate will now take into account learn how to make the most of the remaining funds from the sale and whether or not to stay as a listed entity on the ASX.”
“We’d additionally wish to announce the resignation of Allison Gallaugher as a director and CEO of Aquis, and the appointment of legal professionals Simon Chan and Tony Pickett as new non-executive administrators. Gallaugher will as an alternative proceed as CEO of On line casino Canberra beneath the brand new possession of Iris Capital.”
On this regard, Gallaugher stated: “As a Board, we’re more than happy to have been in a position to negotiate and full this transaction, which gives vital advantages to all stakeholders.
“We thank Tony Fung for his help since buying On line casino Canberra, with out which we might not have been in a position to obtain the expansion within the enterprise which has enabled Aquis to ship the rise in worth for all shareholders culminating within the transaction with Iris.
“As a CEO and worker, I’m very excited to steer the On line casino Canberra beneath Iris possession and we sit up for persevering with to develop the sturdy outcomes now we have constructed over the previous few years and for the alternatives obtainable for us all with Iris shifting ahead.”
Refusal of property renovation proposal:
The sale of On line casino Canberra follows the failure of Aquis to enter into an settlement with the ACT authorities relating to a proposed AU$330 million, which is roughly US$226 million, renovation of the property.
Aquis, which accomplished its buy of On line casino Canberra in 2014, submitted its self-designed renovation plans in 2015, which included an utility for permission to put in as much as 500 slot machines, as On line casino Canberra isn’t allowed to have slot machines beneath current laws.
As well as, Aquis’ first bid was rejected in December 2018, with the federal government stating that the proposal is “untenable because of ongoing uncertainty surrounding regulation and financing particulars.”
Moreover, the ACT Authorities submitted a counter supply through which Aquis could be licensed to run 200 slot machines and 60 EGMs beneath sure strict situations, nevertheless it rejected the lowered supply.
