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AERL Seeks Hong Kong Listing

Newsdesk by Newsdesk
Wed 29 May 2013 at 03:52
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Macau junket promoter Asia Entertainment & Resources Ltd is pursuing a dual listing on the Hong Kong Stock Exchange via a US$63 million rights offering.

Nasdaq-listed AERL said proceeds from the offering, effective for shareholders of record as of 3rd June, will allow the company to repay loans from key investors—thereby establishing its independence ahead of the listing—without diluting the holdings of existing shareholders who exercise their rights in full.

In accordance with the deal, Chairman Lam Man Pou and COO Vong Hon Kun are expected to purchase some 34% of any shares underlying rights that are not exercised. They will agree to pay not less than $4.37 a share, the closing price as of 24th May, the company said. It’s expected that the rights will be tradable, but Messrs Lam and Vong will agree also to lock up their shares for two years following the purchase date, the company said.

More details, including information on the number of rights, the exercise price and other terms, could be released as early as today, AERL said.

AERL operates VIP rooms at Galaxy Macau, StarWorld, Sands Cotai Central and City of Dreams and announced a tentative agreement last week to acquire a six-table room at SJM satellite Le Royal Arc Casino. The company also recently added two junket operations to its network.

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The IAG Newsdesk team comprises some of the most experienced journalists in the Asian gaming industry. Offering a broad range of expertise, their decades of combined know-how spans multiple countries across a variety of topics.

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