Cairns Reef casino takeover
Cairns Reef casino takeover by Aquis developer sets firm new deadline for action
Hong Kong based Billionaire, Tony Fung, on board his AQUIS corporate Boeing 757 jet flying from Cairns to Macau. Picture: Marc McCormack
HONG KONG tycoon Tony Fung is warning his $276 million takeover of the Reef Hotel Casino in Cairns might not go ahead if conditions to a new deadline are not met.
The billionaire has given shareholders an extra week to accept the takeover – he needs a 90 per cent acceptance level – and for probity investigations to be completed.
Mr Fung said the Reef Hotel and Casino was “a necessary and fundamental step in the group’s plan to develop the $8.15 billion Aquis integrated resort at Yorkeys Knob”.
The deadline has been extended to November 28 for acceptances for the trust takeover and other associated entities, including Casino Canberra.
“Aquis is currently not minded to further extend the offer period beyond the revised deadline (November 28) if the conditions have not been met by November 21, although Aquis reserves its right to do so,’’ Mr Fung said.
“If the offer closes with conditions that have not been satisfied, the offer will lapse and no RCT units will be purchased pursuant to the offer.’’
Source :The Cairns Post, Nick Dalton, October 14th, 2014
