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[posting]34042871[/posting]Dore (00628) buys junket business for $224M 2008/05/07 08:42 (Infocast News) Dore Holdings (00628) (Dore) has agreed to acquire from Sin Chun-shing the entire issued share capital of Leading Century International Limited at a total consideration of $224.32 million. The main asset of Leading Century is the Joli Profit Agreement, an agreement entered into among Leading Century as a purchaser, Sin as a vendor and Joli Entretenimento Socieade Unipessoal Limitada (Joli) relating to the sale or assignment a portion of the Joli Proofit, calculated as 0.04% of rolling turnover, to Leading Century. Dore has applied to the Stock Exchange for resuming trading in its shares starting from this morning. The consideration shall be settled as to $30.72 million in cash; as to $48 million by issuing promissory notes; and as to the balance of $145.6 million by issuing 224 million consideration shares priced at $0.65 each. The consideration shares represent 13.03% of Dore's enlarged issued share capital and the price per consideration share represents 16.67% discount over $0.78, Dore's last closing price before suspension of trading. Pursuant to the Joli Profit Agreement, Sin, who owns the entire issued share capital of Joli, has irrevocably and unconditionally guaranteed to Leading Century that the attributable Joli profit for the periods, which are from 1 May 2008 to 30 April 2009 (both dates inclusive), shall not be less than $48 million. The profit guarantees are determined with reference to the existing level of business of Joli operating at Wynn Macau, the expected business growth and the possibility of being appointed as a junket representative in other VIP gaming rooms in Macau. Dore expects that the acquisition will be a good opportunity for the company to generate additional income in the future. Moreover, the acquisition can diversify the source of profit that Dore shares and reduce Dore's reliance on the profit sourced from the rolling turnover generated by Sat Ieng Sociedade Unipessoal Limitada, Dore Entretenimento Sociedade Unipessoal Limitada and Nove Sociedade Unipessoal Limitada in the relevant casinos in Macau. |
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| aus der Diskussion: | Dore Holdings - neue Casinoaktie aus Macao |
| Autor (Datum des Eintrages): | Sugar2000 (07.05.08 08:19:25) |
| Beitrag: | 70 von 228 (ID:34043117) |
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