• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Sunday 22 June 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
  • 中文
  • 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
  • 中文
  • 日本語
No Result
View All Result
IAG
No Result
View All Result

Australia’s Takeovers Panel rules against lender’s acquisition of 9.71% Donaco International stake

Newsdesk by Newsdesk
Tue 7 May 2019 at 18:14
Legal battle continues to hurt Donaco’s bottom line

Star Vegas in Poipet, Cambodia

32
SHARES
728
VIEWS
Print Friendly, PDF & Email

Donaco International Limited co-founder Joey Lim has succeeded in preventing the sale of a 9.71% stake in the company to Asian investment firm Orchard Capital Partners (OCP) after Australia’s Takeovers Panel made a declaration of unacceptable circumstances on Tuesday.

The declaration related to OCP’s on-market acquisition of the 9.71% interest between 7 and 31 December 2018 at the same time as it was locked in negotiations with Total Alpha Investments Limited (Alpha), a company controlled by Lim, over a defaulted loan repayment.

OCP, having been issued senior secured bonds in an aggregate principal amount of US$34.3 million by Alpha in May 2017 and also granted share options over Donaco shares, ultimately enforced its security interest over a 27.25% stake in the company in February 2019 – lifting its total holding in Donaco to almost 37% and prompting Lim to file an objection claiming breaches to Australian takeover laws.

Agreeing with Lim’s assessment, the Takeovers Panel ruled this week that the circumstances of the on-market acquisition were unacceptable because the market was not aware OCP had a security interest in 27.25% of Donaco shares, was not aware Alpha was in default and that OCP’s actions before it acquired a substantial interest in Donaco had the effect of avoiding disclosure of the situation.

The Panel has now made orders vesting the 9.71% shares in Donaco acquired by OCP between 7 and 31 December 2018.

Lim, who established Donaco with his grandfather and Genting Group founder Lim Goh Tong in 2002, was terminated from his role as Managing Director and CEO in March following a lengthy leave of absence but remains on the Donaco board.

RelatedPosts

US media giant Fox Corp said to be eyeing racing and wagering arm of Australia’s Tabcorp

Tabcorp fined AU$4 million for spamming VIP customers

Tue 17 Jun 2025 at 05:44
Deconstructing  Donaco

Cambodia’s Star Vegas reports 62% fall in casino headcount after Thailand imposes border restrictions

Mon 16 Jun 2025 at 15:38
Ainsworth flags 1H25 revenue growth on Australian market strength but Novomatic takeover facing opposition by family of founder

Ainsworth says ASX market announcement on allegations against CEO Neumann were unnecessary

Mon 16 Jun 2025 at 14:29
Harald Neumann steps down as Novomatic CEO

Case of curious timing as six-year old investigation into ex-Novomatic CEO rehashed before crucial shareholder vote on full takeover of Ainsworth

Mon 16 Jun 2025 at 05:19
Load More
Tags: AustraliaDonaco InternationalJoey LimOrchard Capital PartnersTakeovers panel
Share15Share2
Newsdesk

Newsdesk

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.

Current Issue

Editorial – Foreigner-only casinos: Seize the day

Editorial – Foreigner-only casinos: Seize the day

by Ben Blaschke
Thu 29 May 2025 at 13:38

I was recently asked by someone working at a foreigner-only casino for my thoughts on the outlook for the Asian...

On the brink

On the brink

by Pierce Chan
Thu 29 May 2025 at 13:27

The transition period for Macau’s 11 satellite casinos is set to expire at the end of this year, after which...

A moral defense of gambling

A moral defense of gambling

by Andrew Russell
Wed 28 May 2025 at 18:19

Economist Andrew Russell explores the differences between community benefit and in-principle arguments for the existence of a legal gambling industry...

Face to face

Face to face

by Ben Blaschke
Wed 28 May 2025 at 18:08

Konami caught the eye at the recent G2E Asia show in Macau with its SYNK Vision Tables, which utilize facial...

Evolution Asia
Aristocrat
GLI
SABA
Mindslot
Solaire
Hann
Tecnet
NWR
Jumbo
568Win

Related Posts

IAG’s Andrew W Scott addresses Thai senate subcommittee on Entertainment Complex Bill and key considerations for foreign investors

IAG’s Andrew W Scott addresses Thai senate subcommittee on Entertainment Complex Bill and key considerations for foreign investors

by Newsdesk
Fri 20 Jun 2025 at 06:53

Inside Asian Gaming’s Vice Chairman and CEO, Andrew W Scott, spoke yesterday at a hearing of Thailand’s ad hoc subcommittee studying the economic impacts and feasibility of establishing entertainment complexes (ECs) with casinos and online gaming, at the Thai Parliament...

Philippine tourist arrivals down 0.5% in 1Q25 on fewer visitors from South Korea, China

Contribution of Philippines tourism industry to national GDP rises to 8.9% in 2024

by Newsdesk
Fri 20 Jun 2025 at 06:46

The Philippines tourism industry saw its contribution to the country’s Gross Domestic Product in terms of share rise to 8.9% in 2024, up from 8.7% a year earlier, according to latest data from the Philippine Statistics Authority. Tourism Direct Gross...

Philippines’ maiden PIGO platform generates GGR of US$2.3 million in first six months of operation

DigiPlus appoints new CEO and CDO to drive further online gaming growth

by Newsdesk
Fri 20 Jun 2025 at 06:44

Philippines gaming technology giant DigiPlus – the country’s leading platform in the online and remote gaming space – has announced the appointment of a new Chief Executive Officer and a Chief Digital Officer. In a Philippine Stock Exchange filing on...

China’s Ambassador to the United States Xie Feng Meets with Wynn CEO Craig Billings

China’s Ambassador to the United States Xie Feng Meets with Wynn CEO Craig Billings

by Newsdesk
Thu 19 Jun 2025 at 19:54

Wynn Resorts CEO Craig Billings met this week with the Chinese Ambassador to the United States, Xie Feng, to discuss topics including China’s economic development and Sino–U.S. economic and trade relations. The Chinese Embassy in the United States released details...



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
  • 中文
  • 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
  • 中文
  • 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.

  • 中文
  • English
  • 日本語