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Most Recent Online Casino News
Casino Boss Seeks
Tighter Grip
Christ Church Casino chairman
Barry Thomas yesterday trumpeted plans to strengthen
Skyline Enterprises' grip on the company in the face
of a possible buy-in by gambling giant SkyCity.
In the latest instalment of his war by press
release, Thomas said the board of the casino company
would late this month be asked to approve a share
placement to Skyline.
Skyline has a direct 30.7 per cent stake in the
casino and a 41 per cent interest including shares
held indirectly.
Thomas is Skyline's chairman.
The Queenstown company is fighting to stop its
partner, the UK gambling group Aspinall, from selling
out to local gambling giant SkyCity Entertainment.
Aspinall's interests in the casino are at the same
levels as Skyline's.
Thomas said the proposed placement would be worth
about 15 per cent of the Christchurch Casino's
capital. The money from the placement would be used by
the casino to part-fund an intended buy-back of the
Aspinall stake.
However, it remains to be seen what Aspinall thinks
of that idea - no comment was available yesterday -
and the proposal looks more like an attempt to shore
up Skyline's defensive position.
Increasing Skyline's stake would stop SkyCity from
entering the company on an equal footing by buying out
Aspinall.
Thomas believed he had the votes to get the
proposal through.
Two directors on the casino company's board are
associated with Aspinall and two are associated with
Skyline.
Read the
entire article at:
The New Zealand Herald
2004 Online Casino News Archive
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