Donaco releases scheme booklet for acquisition process
An initial court hearing will be held on June 20.
Australia.- Donaco International has released the scheme booklet for On Nut Road Limited’s (ONR) acquisition of the company’s shares. The first court hearing for the arrangement will be on June 20, and the company will send the scheme booklet to shareholders on June 30.
Shareholders will meet to approve the scheme on August 4, and the final court hearing will take place on August 7. If approved, the transaction will become effective on August 8 and will be completed by August 19.
The company reiterated that the delay to the original scheme timeline arose due to “a delay in third parties returning valuation inputs to the Independent Expert, lengthier than expected analysis of change of control provisions under Cambodian and Vietnamese law, and various holiday periods across Australia, Vietnam and Cambodia.”
Due to this, the Independent Expert was delayed in completing its report, which also delayed the submission of the scheme booklet to the Australian Securities and Investments Commission for review.
For the first half of the financial year, Donaco reported net revenue of AU$21.83m (US$13.6m), up 12 per cent in year-on-year terms, while earnings before interest, taxation, depreciation and amortisation (EBITDA) reached AU$11.39m (US$7.10m), up 17.0 per cent. According to the company, the rise highlights steady growth following stringent financial management and increased traffic from tourism.
Donaco recorded net profit after tax of AU$7.77m (US$4.84m), up 36.32 per cent year-on-year. DNA Star Vegas in Cambodia posted net revenue of AU$14.08m (US$8.77m), up 5.39 per cent year-on-year and EBITDA of AU$8.10m (US$5.05m), up 5.7 per cent. The casino venue reported an average daily visitation of 949 players.
