Aquis Entertainment (ASX:AQS) - Chairman, Russell Shields
Chairman, Russell Shields
Source: Aquis Entertainment
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Aquis Entertainment (AQS) signs a share purchase agreement with Capital Leisure & Entertainment for the sale of its shares in Aquis Canberra for $52 million
  • Aquis Canberra, a wholly-owned subsidiary of Aquis, owns 100 per cent of the shares in Casino Canberra which holds the casino licence required to operate Casino Canberra
  • The $52 million is on a debt and cash-free basis with the only requirement that Aquis Canberra must be transferred at least $3 million to meet certain regulatory requirements
  • Aquis will use the money to assess alternative business opportunities, repay debt and repay some or all of the $33 million convertible loan between Aquis and Aquis Canberra
  • Shares in Aquis are up 14.3 per cent and trading at 16 cents

Aquis Entertainment (AQS) has signed a share purchase agreement with Capital Leisure & Entertainment for the sale of its shares in Aquis Canberra for $52 million.

Aquis Canberra, which is a wholly-owned subsidiary of Aquis, owns 100 per cent of the shares in Casino Canberra which holds the casino licence required to operate Casino Canberra.

The sale is conditional to Aquis shareholder approval and ACT casino liquor and licensing regulatory approvals.

The $52 million is on a debt and cash-free basis with the only requirement that Aquis Canberra must be transferred at least $3 million in cash to meet certain casino regulatory requirements.

“The transaction provides considerable value to the company and its shareholders. It recognises the attractive operating performance of the business which has continued to trade well since reopening post the COVID-19 lockdowns,” Aquis and Casino Canberra CEO Allison Gallaugher said.

Aquis will use the money from the sale to assess alternative business opportunities, repay debt and repay some or all of the convertible loan between Aquis and Aquis Canberra which currently has a balance of $33 million.

Shares in Aquis were up 14.3 per cent and trading at 16 cents at 3:36 pm AEST.

AQS by the numbers
More From The Market Herald
The Market Herald Video

" Payright (ASX:PYR) settles “transformational” funding package to pursue growth

Payright (ASX:PYR) completes its settlement of funding package, comprising a $125 million warehouse facility led by…
Titomic (ASX:TTT) - Managing Director, Herbert Koeck

" Titomic (ASX:TTT) on track to deliver world’s first mould coatings system

Additive manufacturing company Titomic (ASX:TTT) is on track to deliver the world's first automated cold spray…

" Apiam Animal Health (ASX:AHX) executes growth strategy with two acquisitions

Apiam Animal Health (ASX:AHX) has announced new acquisitions as part of its growth strategy to double…
Unibail Rodamco Westfield (ASX:URW) - CEO & Chairman, Jean-Marie Tritant

" Unibail-Rodamco-Westfield (ASX:URW) rebrands three flagship centres

Unibail-Rodamco-Westfield (ASX:URW) has rebranded three flagship centres in Madrid, Stockholm and Warsaw