Donaco Shareholders Approve Takeover by Hong Kong-Based Group – GGB News
Summary
Donaco International shareholders overwhelmingly approved On Nut Road’s (ONR) proposed full acquisition at a poll held on 1 August, with 98.11% of votes cast in favour and 77.5% of eligible shareholders participating. ONR, a special purpose vehicle managed by Hong Kong’s Argyle Street Management (which manages over US$2 billion), will acquire the remaining shares in the Australia-headquartered casino operator that owns Star Vegas Resort & Club in Cambodia.
The transaction is subject to approval by the Supreme Court of New South Wales, with a hearing set for 7 August. If approved and conditions are satisfied, Donaco shares are expected to be suspended on the ASX at the close of 8 August and the deal completed by 19 August. Shareholders eligible for consideration will be recorded at 5 p.m. on 12 August.
Donaco’s board backed the sale as a strategic move to stabilise the company amid volatility in Southeast Asia’s gaming markets after operational disruption at Star Vegas caused by Thai border restrictions. The group reported a 57% year-on-year decline in EBITDA in Q2 and significantly lower Star Vegas revenue (AU$4.31 million), while its Aristo International Hotel in Vietnam posted a modest 4.7% revenue increase.
Source
Source: https://ggbnews.com/article/donaco-shareholders-approve-takeover-by-hong-kong-based-group/
Key Points
- • Shareholders voted 98.11% in favour on 1 August, with 77.5% turnout (in person or by proxy).
- • On Nut Road (ONR), managed by Argyle Street Management, will buy the remaining Donaco shares it does not own.
- • Supreme Court of New South Wales hearing on 7 August; ASX suspension likely at close of 8 August; expected completion by 19 August.
- • Record date for eligible shareholders is 5 p.m. on 12 August.
- • Donaco reported a 57% YoY fall in group EBITDA; Star Vegas revenue fell to AU$4.31m, hit by Thailand’s border restrictions.
- • Aristo in Vietnam saw a 4.7% revenue rise, insufficient to offset losses from Cambodia.
- • Board supports the sale as a route to stabilise operations and refocus on long-term growth.
Why should I read this?
Quick and blunt: this deal’s almost done. If you follow Asian gaming, invest in Donaco, or track regional M&A, these are the dates and facts you need — massive shareholder backing, a court hearing next week, and a likely ASX trading suspension in early August. We’ve saved you the legwork: read on if you want the timeline and the reasons management backed the sale.