DFNN unit to ac­quire Aus­tralian gam­bling firm

BusinessMirror - - Companies - VG Cabuag

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.

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