• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Wednesday 2 July 2025
  • zh-hant 中文
  • ja 日本語
  • en English
IAG
Advertisement
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
  • 日本語
No Result
View All Result
IAG
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
  • 日本語
No Result
View All Result
IAG
No Result
View All Result

Former Donaco boss Joey Lim moving to stop company takeover

Ben Blaschke by Ben Blaschke
Tue 9 Apr 2019 at 05:41
Former Donaco boss Joey Lim moving to stop company takeover

Joey Lim

51
SHARES
1.2k
VIEWS
Print Friendly, PDF & Email

Former Donaco International Limited Managing Director and CEO Joey Lim has filed an application to the Australian Government’s Takeovers Panel in an effort to prevent the sale of a 9.71% stake in the company to Hong Kong and Singapore-based investment firm Orchard Capital Partners (OCP).

The application was confirmed by the Takeovers Panel on Monday, although it added that no decision has yet been made on whether it would continue with proceedings.

Inside Asian Gaming understands that Lim, whose employment was terminated by Donaco last month following a three-month leave of absence to deal with health and personal matters, obtained a loan from OCP but has since defaulted on repayments – leading OCP to appoint receivers over all Donaco shares previously controlled by the Lim family. Those shares amount to 27.25% of Donaco’s issued share capital.

OCP also purchased a 9.71% stake in Donaco on market in December, a sale that has prompted Lim and other family-linked shareholders to file their objection claiming breaches to Australian takeover laws.

Those shareholders are named as Gerald Tan, Total Alpha Investments Ltd, Slim Twinkle Ltd, Convent Ltd and Max Union Corporate Development Ltd.

According to Monday’s announcement by the Takeovers Panel, Lim and co “submit that the acquisition by OCP of a relevant interest in Donaco shares in excess of 9.71% in circumstances where the aggregation of the relevant interests in those shares with the relevant interests in Donaco shares of 27.25% arising as a result of the enforcement of securities, as a consequence of which OCP has a relevant interest of 37% of Donaco, is unacceptable.”

Australia’s takeover provisions for listed companies states that the acquisition of a relevant interest in voting shares is prohibited if a person’s voting power in the company increases from under 20% to over 20%, or if it increases from a starting point that is above 20% and below 90%.

 

 

RelatedPosts

Konami Gaming promotes Tom Jingoli to President and COO, now also Managing Director of Konami Gaming Australia

Konami Gaming promotes Tom Jingoli to President and COO, now also Managing Director of Konami Gaming Australia

Tue 1 Jul 2025 at 06:08
Star celebrates long-awaited opening of AU$3.6 billion Queen’s Wharf Brisbane development

Star’s Hong Kong partners terminate deal to acquire 100% of Queen’s Wharf Brisbane

Mon 30 Jun 2025 at 13:40
Soo Kim to Star Entertainment shareholders and other stakeholders: “I won’t let you down”

Soo Kim to Star Entertainment shareholders and other stakeholders: “I won’t let you down”

Mon 30 Jun 2025 at 06:10
Renowned gaming lawyer Jamie Nettleton to represent IMGL on Judging Panel for inaugural RTG Global Awards

Renowned gaming lawyer Jamie Nettleton to represent IMGL on Judging Panel for inaugural RTG Global Awards

Sun 29 Jun 2025 at 17:53
Load More
Tags: AustraliaJoey LimOrchard Capital PartnerssharesTakeovers panel
Share22Share3
Ben Blaschke

Ben Blaschke

A former sports journalist in Sydney, Australia, Ben has been Managing Editor of Inside Asian Gaming since early 2016. He played a leading role in developing and launching IAG Breakfast Briefing in April 2017 and oversees as well as being a key contributor to all of IAG’s editorial pursuits.

Current Issue

Editorial – An inconvenient truth

Editorial – An inconvenient truth

by Ben Blaschke
Fri 27 Jun 2025 at 15:21

It’s understandable that political observers, academics and members of the public in greenfield jurisdictions would express caution around the legalization...

Light & Wonder’s Siobhan Lane

Light & Wonder’s Siobhan Lane

by Ben Blaschke
Fri 27 Jun 2025 at 15:19

Siobhan Lane, Light & Wonder’s highly experienced CEO of Gaming, speaks to Inside Asian Gaming about the company’s ongoing transformation...

Honesty is the best policy

Honesty is the best policy

by Ben Blaschke
Fri 27 Jun 2025 at 14:13

The Thailand Entertainment Complex Roundtable brought industry stakeholders, politicians and supporters of the government’s Entertainment Complex Bill face to face...

Sri Lanka’s casino industry

Sri Lanka’s casino industry

by Shaun McCamley
Fri 27 Jun 2025 at 13:36

Industry veteran Shaun McCamley delves into the complex history of Sri Lanka’s casino industry at a time when the country...

Evolution Asia
Your browser does not support HTML5 video.
Aristocrat
GLI
SABA
Mindslot
Solaire
Hann
Tecnet
NWR
Jumbo
568Win

Related Posts

South Korea’s Paradise reports record drop at Paradise City but low hold hits group’s bottom line

Korea’s Paradise Co keeps rising through 2025 as casino revenues exceed US$60 million in June

by Newsdesk
Wed 2 Jul 2025 at 19:19

Leading Korean foreigner-only casino operator Paradise Co continued its recent surge in June as casino revenues across its properties reached KRW82.0 billion (US$60.3 million) – a slight 0.4% higher than in May but 41.0% higher than the same month last...

Hong Kong to launch “Southbound Travel for Guangdong Vehicles” scheme, no immediate plans for Macau

Hong Kong to launch “Southbound Travel for Guangdong Vehicles” scheme, no immediate plans for Macau

by Pierce Chan
Wed 2 Jul 2025 at 18:10

The Hong Kong government has unveiled plans to launch “Southbound Travel for Guangdong Vehicles” in November, allowing vehicles from Guangdong Province to enter Hong Kong. However, there are currently no definitive plans to implement a similar scheme allowing vehicles from...

APAC-facing gaming companies to see 70% aggregated EBITDA decline in 2020: Moody’s

The APAC iGaming Boom: Key trends and strategies in 2025

by Rose Power
Wed 2 Jul 2025 at 15:37

The APAC iGaming market is bursting with opportunity, and success in this rapidly growing region hinges on exceptional performance and a deep understanding of its unique landscape, enabling operators to tailor strategies that meet the region’s distinctive demands, securing a...

Team Spirit

IAG announces Light & Wonder, Angel and Aristocrat Gaming as sponsors of Macau After Dark at Vasco – Bar & Lounge on Monday 7 July

by Ben Blaschke
Wed 2 Jul 2025 at 15:33

Inside Asian Gaming is pleased to announce global gaming suppliers Light & Wonder as Platinum Sponsor and Angel and Aristocrat Gaming as Gold Sponsors of the upcoming edition of Macau After Dark, MAD 30, to be held on the evening of Monday 7 July...



IAG

© 2005-2024
Inside Asian Gaming.
All rights reserved.

  • SUBSCRIBE FREE
  • NEWSFEED
  • MAG ARTICLES
  • VIDEO
  • OPINION
  • TAGS
  • REGIONAL
  • EVENTS
  • CONSULTING
  • CONTRIBUTORS
  • MAGAZINES
  • ABOUT
  • CONTACT
  • ADVERTISE
  • 日本語

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • 日本語
  • Subscribe
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
  • Events
  • Contributors
  • Magazines
  • Advertise
  • Contact
  • About
  • Home for G2E Asia

© 2005-2024
Inside Asian Gaming.
All rights reserved.

  • English
  • 日本語