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Morgan Stanley appointed to sell 80 million Donaco shares vested by Australia’s Takeovers Panel

Newsdesk by Newsdesk
Fri 5 Jul 2019 at 10:08
Morgan Stanley appointed to sell 80 million Donaco shares vested by Australia’s Takeovers Panel
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The Australian Securities and Investments Commission (ASIC) has appointed Morgan Stanley Wealth Management Australia Pty Ltd to sell 80 million ordinary shares in Donaco International Limited vested by the Takeovers Panel in May.

According to an ASIC announcement, Morgan Stanley will use the most appropriate sale method to secure the best available sale price for the Sale Shares that is reasonably available at that time, with the shares to be sold within six months.

The move comes after the country’s Takeovers Panel ruled against the acquisition of a 9.71% stake in Donaco by Asian investment firm Orchard Capital Partners (OCP), which had previously taken control of a further 27.25% interest as a result of a defaulted loan repayment by Donaco founder Joey Lim.

The Takeovers Panel stated at the time that the circumstances of the on-market acquisition were unacceptable because, among other reasons, the market was not aware OCP had any security interest in Donaco shares. It subsequently vested the 9.71% stake acquired by OCP between 7 and 31 December 2018.

The conditions of the Morgan Stanley sale include a stipulation that OCP cannot directly or indirectly acquire the shares and that prospective purchasers must provide a statutory declaration that they are not associated with OCP or its associates.

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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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