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Australia-based Aquis Entertainment has formally announced that it has completed the sale of its whole subsidiary, Canberra-based Aquis Canberra Pty Ltd, better known as the Casino Canberra website, to Iris CC Holdings Pty Ltd for an irreversible price of AU$63 million, which is approximately US$42.5 million.
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Under the regards to the sale contract, Aquis received a conclusion payment from Iris of AU$60.5 million, which is approximately US$40.8 million.
However, an extra payment of AU$2.5 million, which is approximately US$1.7 million, is kept in escrow currently and will be launched to Aquis in 9 months. This happened because there was no warranty claim.
Additionally, Aquis will settle the complete AU$20.4 million loan to its bulk investor, Aquis Canberra Holdings (Aus) Pty Ltd. The financial obligation was sustained throughout the Aquis Casino Canberra financial investment.
Throughout the official announcement of the sale, Aquis authorities said: "The company will currently consider how to utilize the remaining funds from the sale and whether to remain as a listed entity on the ASX."
"We'd also prefer to announce the resignation of Allison Gallaugher as a supervisor and CEO of Aquis, and the visit of attorneys Simon Chan and Tony Pickett as new non-executive supervisors. Gallaugher will rather proceed as CEO of Casino Canberra under the new possession of Iris Funding."
In this regard, Gallaugher said: "As a Board, we are very delighted to have had the ability to negotiate and complete this deal, which provides considerable benefits to all stakeholders.
"We say thanks to Tony Fung for his support since purchasing Casino Canberra, without which we would certainly not have had the ability to accomplish the development in business which has allowed Aquis to deliver the increase in worth for all investors finishing in the deal with Iris.
"As a CEO and worker, I am very excited to lead the Casino Canberra under Iris possession and we appearance ahead to proceeding to expand the solid outcomes we have built over the previous couple of years and for the opportunities available for all of us with Iris progressing."