Friday, October 24, 2014

Dalton deception on Aquis

A slow start to the day so have only just caught up with the latest Cairns Post headline splash on Aquis: Fung threatens to walk away

I may make further enquiry and update later but the following commentary from business editor and chief Aquis advertorialist Nick Dalton is noted:
It is understood he is getting increasingly frustrated with the delays in probity investigations. By comparison the $70m takeover of Jupiters Townsville casino by tourism identity Chris Morris took about eight months from January to last month. Mr Fung announced his bid for Reef casino on ­November 13 last year, nearly 12 months ago.
I posted the following comment which promptly made it through the Post's own probity process despite being blocked from comment at their FB page:
The comment here by Nick Dalton that Fung has been delayed longer than the Townsville process is NOT correct. Fung may have announced a proposal to bid last year but the formal offer and bidders statement with Reef was not until 21st March 2014. That is 7 months which is less than Townsville. These timeframes are also similar to the probity process for the Packer proposal in NSW which has since become controversial for being rushed. There were tenders for private consultants to assist some months ago I believe. The process has not been unusually delayed at all and to suggest so is misleading and deceptive.
Meanwhile the market response to the threats to walk away has been almost zero from the 18% of holders yet to accept the offer. There are two brave buyers listed at $4.15 and $4.16 and several sellers from $4.18 upwards with no turnover yet today. The takeover offer is at $4.35.

Also don't forget that the probity clearance includes the Canberra Casino under ACT jurisdiction with the investigation being undertaken jointly.

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