Aus court lifts freezing order on Donaco shares

The freezing order of Donaco shares has been lifted in the NSW Supreme Court.
The freezing order of Donaco shares has been lifted in the NSW Supreme Court.

Donaco-operated Star Vegas casino resort in Cambodia has had the ban imposed on its 148,199,529 ASX-listed shares since April 2018.

Australia.- The Supreme Court of New South Wales has lifted a freezing order on shares in Donaco International Limited held by Thai vendors in Australia.

Donaco-operated Star Vegas casino resort in Cambodia has had the ban imposed on its 148,199,529 ASX-listed shares, equal to 17.99% of the company’s issued share capital, since April 2018.

Legal battles in Cambodia and Singapore have prevented Donaco from selling these ASX shares.

With those legal battles now over following a recent settlement agreement, Donaco confirmed the freezing order had been lifted.

The Thai vendors have agreed to a voluntary escrow which means they will not dispose of their shares for six months from March 2, 2020.

Donaco recently revealed it was ‘confident’ in its cash reserves for 2020 as the operator battles the financial impact of Covid-19.

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