DFNN unit to acquire Australian gambling firm
LISTED firm DFNN Inc. said its affiliate has offered a non-binding term sheet to take control of debtsaddled australian-listed gambling firm Silver Heritage group ltd. for about P18.88 million.
The said term sheet, offered on august 16, was coursed through DFNN'S affiliate Hatch asia Inc. through its wholly owned australian subsidiary. DFNN owns 18.98 percent of Hatch asia.
The company said the administrators met with the creditors of Silver Heritage who unanimously resolved to execute the Deed of Company arrangement (DOCA) and relayed the approval to Hatch asia.
“This welcome news comes after the announcement of iwave Inc., a DFNN investee company, of its on-going listing in the Singapore Stock Exchange via another reverse takeover through a scheme of arrangement, as allowed under SGX rules,” it said.
Hatch asia's recapitalization via DOCA methodology, as allowed by the australian Stock Exchange, will be effected via the acquisition of shares equal to about 92 percent of the issued share capital of Silver Heritage through a consolidation of shares of existing shareholders. This will be followed by a new issue of ordinary shares of a new australian subsidiary of Hatch asia, Hatch australia Holdings Pty ltd.
The said deal is still subject to Silver Heritage shareholder approval.
The company said it is buying the australian gambling firm for a$530,000, or about P18.88 million in cash, and 3 percent of the issued shares in the company, subject to the terms and conditions to be set in a DOCA.
The company said the successful conclusion of the deal would eventually result in the Hatch asia shareholder-controlled entity being listed on the australian Stock Exchange and DFNN owning part of the ASX listed Entity.