Completion of acquisition of Canberra Casino

Ben Ready

The Board of Discovery Resources Limited (ASX:DIS), to be renamed Aquis Entertainment Limited (Company) is pleased to confirm that all conditions precedent under the share purchase agreement (SPA) between the Company and Aquis Canberra Holdings (Aus) Pty Ltd (Aquis Canberra Holdings) have now been satisfied and completion of the acquisition by the Company of Aquis Canberra Pty Ltd (Aquis) has occurred (Completion).

In accordance with the terms of the SPA, 149,421,874 fully paid ordinary shares in the capital of the Company (Shares) were issued to Aquis Canberra Holdings on 31 July 2015. Under the terms of the SPA, the Company is required to issue a further 14,125,051 Shares (Deferred Consideration Shares) to Aquis Canberra Holdings upon Aquis successfully submitting a proposal for the redevelopment of the Canberra Casino properties to the ACT Gambling and Racing Commission and the ACT Government (Redevelopment Proposal). As this requirement has not yet been satisfied, the Deferred Consideration Shares will be issued following the Company’s reinstatement to trading on the ASX.

The Company also confirms that it has raised the minimum subscription of $2,000,000 under its replacement prospectus dated 20 July 2015 through the issue of 10,000,000 Shares to Aquis Canberra Holdings at an issue price of $0.20 per Share.

At Completion, the following appointments to the board of the Company were made:

  • Mr Tony Fung has been appointed as Chairman
  • Mr Raymond Or Ching-Fai has been appointed as a Non-Executive Director and Deputy Chairman
  • Mr Justin Fung has been appointed as Executive Director
  • Mr Geoff Andres has been appointed as Executive Director and CEO
  • Mr Russell Shields has been appointed as Independent Non-Executive Director.

The Company has also accepted the resignations of Messrs Tony Adcock, Tom Pickett and Josh Puckridge effective immediately. In addition, Ms Annalette Wilbers has resigned as Company Secretary and Mr Garry Gill has been appointed in her place. Consistent with previous disclosures, Mr Alex Chow will also be appointed to the board of the Company, subject to finalisation of regulatory approvals.

The Company has also requested that ASIC register the change of its name to Aquis Entertainment Limited, which will take effect upon ASIC registering the change of details. The Company’s ASX code will also change from DIS to “AQS” upon the Company being reinstated to trading on the ASX.

The Company has received conditional approval from the ASX for its reinstatement to trading on the ASX and is now in the process of satisfying those conditions. It is anticipated that the Company will satisfy these conditions shortly and will thereafter be requoted, subject to ASX approval.