So, AAD now ALG on the ASX, OK?
SHAREHOLDERS of Dreamworld operator Ardent Leisure have had to swap in a new code for their ASX watchlist after a corporate restructure changed their AAD to and ALG.
The new company retains the same number of shares, 479.71 million, which at close yesterday were trading at $1.50 for a market capitalisation of $719.56 million
That’s slightly higher than the $1.49 AAD shares were going for when they were suspended.
The restructure has effectively converted the holdings into ordinary shares as opposed to the previous shares of AAD, which were “stapled” to a unit in the company’s trust.
FIL declared its status as a significant shareholder, acquiring 40.6 million shares in the new entity under the scheme on November 30 for around $2.40 each.
Shareholders were last month told increased ticket prices had seen revenue at its theme parks division surge 19 per cent in the first quarter, based on a per capita spend that was 26 per cent higher.
However, a recovery in visitation numbers for the second half, had been stifled by renewed media coverage of Dreamworld when the coronial inquest began again in June.
The new structure has revealed how much, or how little, skin Ardent’s board of directors have in the game.
Director Toni Korsanos, who was appointed in May has no shares in Ardent, and former Disney executive Randy Garfield is also unexposed.
Fellow director Brad Richmond has 48,450, Don Morris holds 13,950 and David Haslingden has 160,000.
Chairman Gary Weiss, however, while holding no shares in his name, has interest in about 55.5 million shares worth about $83.2 million via his ties to his Ariadne investment fund, its Ardent takeover partner Viburnum and Kayaal Pty Ltd, an investment vehicle of his Ariadne colleague Kevin Seymour. The group’s holdings sit at 11.6 per cent