So, AAD now ALG on the ASX, OK?

Weekend Gold Coast Bulletin - - BUSINESS -

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

Ar­dent Leisure chair­man Gary Weiss – the com­pany has changed its code on the ASX af­ter a cor­po­rate re­struc­ture.

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