• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Sunday 26 June 2022
  • 中文中文
  • 日本語日本語
IAG
Advertisement
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • Vietnam
  • Events
  • Consulting
  • Contributors
  • SUBSCRIBE FREE
  • 中文
  • 日本語
No Result
View All Result
IAG
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • Vietnam
  • Events
  • Consulting
  • Contributors
  • SUBSCRIBE FREE
  • 中文
  • 日本語
No Result
View All Result
IAG
No Result
View All Result

Australia’s Takeovers Panel rules against lender’s acquisition of 9.71% Donaco International stake

Newsdesk by Newsdesk
Tue 7 May 2019 at 18:14
Legal battle continues to hurt Donaco’s bottom line

Star Vegas in Poipet, Cambodia

31
SHARES
710
VIEWS
Print Friendly, PDF & Email

Donaco International Limited co-founder Joey Lim has succeeded in preventing the sale of a 9.71% stake in the company to Asian investment firm Orchard Capital Partners (OCP) after Australia’s Takeovers Panel made a declaration of unacceptable circumstances on Tuesday.

The declaration related to OCP’s on-market acquisition of the 9.71% interest between 7 and 31 December 2018 at the same time as it was locked in negotiations with Total Alpha Investments Limited (Alpha), a company controlled by Lim, over a defaulted loan repayment.

OCP, having been issued senior secured bonds in an aggregate principal amount of US$34.3 million by Alpha in May 2017 and also granted share options over Donaco shares, ultimately enforced its security interest over a 27.25% stake in the company in February 2019 – lifting its total holding in Donaco to almost 37% and prompting Lim to file an objection claiming breaches to Australian takeover laws.

Agreeing with Lim’s assessment, the Takeovers Panel ruled this week that the circumstances of the on-market acquisition were unacceptable because the market was not aware OCP had a security interest in 27.25% of Donaco shares, was not aware Alpha was in default and that OCP’s actions before it acquired a substantial interest in Donaco had the effect of avoiding disclosure of the situation.

The Panel has now made orders vesting the 9.71% shares in Donaco acquired by OCP between 7 and 31 December 2018.

Lim, who established Donaco with his grandfather and Genting Group founder Lim Goh Tong in 2002, was terminated from his role as Managing Director and CEO in March following a lengthy leave of absence but remains on the Donaco board.

RelatedPosts

Star Entertainment Group falls to AU$95 million loss in FY20 but domestic gaming showing signs of recovery

The Star Sydney adds to hospitality leadership team

Thu 23 Jun 2022 at 10:13
Australian AML watchdog says casinos, not regulators, must oversee junket compliance

Crown granted provisional license to open Sydney casino

Wed 22 Jun 2022 at 20:37
Tabcorp secures waiver of debt covenants on US$2.1 billion US private placement notes

NSW increases Point of Consumption Tax for corporate bookmakers to 15%

Tue 21 Jun 2022 at 16:12
Donaco looks inward as Lee Bug Huy named new CEO

Donaco’s Star Vegas casino in Cambodia to resume operations

Fri 17 Jun 2022 at 15:56
Load More
Tags: AustraliaDonaco InternationalJoey LimOrchard Capital PartnersTakeovers panel
Share14Share2
Newsdesk

Newsdesk

The IAG Newsdesk team comprises some of the most experienced journalists in the Asian gaming industry. Offering a broad range of expertise, their decades of combined know-how spans multiple countries across a variety of topics.

Current Issue

Editorial: The Philippines: Asia’s rising star

Editorial: The Philippines: Asia’s rising star

by Ben Blaschke
Mon 30 May 2022 at 23:55

Macau has for the best part of two decades been recognized as the undisputed king of Asia when it comes...

We’re Back!

We’re Back!

by Ben Blaschke
Mon 30 May 2022 at 23:39

While Macau’s operators have reached nine consecutive quarters of substantial GGR losses, the rest of Asia is opening up and...

Into the Sunset

Into the Sunset

by Pierce Chan
Mon 30 May 2022 at 23:29

Pawnbroking has a long history in Macau, dating all the way back to the late Qing Dynasty. The rapid development...

Metaverse: The ultimate destination marketing tool?

Metaverse: The ultimate destination marketing tool?

by Victoria White
Mon 30 May 2022 at 23:17

In the first of a two-part series, MdME’s Victoria White takes a closer look at the rising world of metaverses...

Related Posts

Confirmed COVID cases in Macau outbreak up to 170, “high chance” of third mass testing

Confirmed COVID cases in Macau outbreak up to 170, “high chance” of third mass testing

by Pierce Chan
Fri 24 Jun 2022 at 19:47

The number of confirmed cases from the ongoing COVID-19 outbreak in Macau has reached 170, of which 106 are women and 64 men. They are aged between 8 months and 89 years old, with 41 showing symptoms and 129 asymptomatic,...

MACAU: This COVID outbreak is NOT the apocalypse

MACAU: This COVID outbreak is NOT the apocalypse

by Andrew W Scott
Fri 24 Jun 2022 at 07:03

It’s 5am on Friday 24 June 2022 as I write this. I’ve just returned home from the Macau Cultural Centre, where I’ve taken my third COVID test in four days – two nucleic acid tests (NAT) with a swab jammed...

Pacific puzzle

IPI inks deals to lease out 265 hotel rooms and villas, launch new shopping mall at Saipan resort

by Ben Blaschke
Fri 24 Jun 2022 at 05:58

Imperial Pacific International Holdings (IPI) has entered into agreements with two independent third parties to lease a majority of its hotel rooms and villas, and to set up a shopping mall, at its Saipan integrated resort, Imperial Palace‧Saipan. This is...

SJM to transfer 1,000 employees from Grand Lisboa to new Cotai IR

SJM completes refinancing of syndicated loan facilities

by Ben Blaschke
Fri 24 Jun 2022 at 05:35

Macau concessionaire SJM Resorts says it has successfully completed the refinancing of up to HK$19 billion (US$2.44 billion)in syndicated loan facilities – extending its liquidity runway while it navigates the COVID-19 pandemic. The new facility agreement, led by Industrial and...


HKUST

HKUST

Simple Play

IAG

© 2005-2022
Inside Asian Gaming.
All rights reserved.

  • SUBSCRIBE FREE
  • NEWSFEED
  • MAG ARTICLES
  • VIDEO
  • OPINION
  • TAGS
  • REGIONAL
  • EVENTS
  • CONSULTING
  • Contributors
  • MAGAZINES
  • ABOUT
  • CONTACT
  • ADVERTISE
  • 中文
  • 日本語

No Result
View All Result
  • 中文
  • 日本語
  • Subscribe
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
  • Events
  • Contributors
  • Consulting
  • Magazines
  • Advertise
  • Contact
  • About
  • 中文
  • 日本語

© 2005-2022
Inside Asian Gaming.
All rights reserved.