Tuesday, November 25, 2014

I'm no lawyer but .......

Takeover Implementation Agreement between Reef Casino Trust and Aquis Casino Acquisitions Pty Ltd, dated 24 February 2014:

3.6 Conditions
(a) Each of the parties must, to the extent within its power, use its best endeavours to ensure that:
(i) the Conditions are satisfied as soon as practicable after the date of this agreement; and
(ii) none of the Conditions are breached or not satisfied.
(b) Target and Bidder agree not to do, or omit to do, anything which will, or is likely to, result in any of the Conditions being breached or not being satisfied.
(c) If any event occurs or becomes apparent which would cause any of the Conditions to be breached or become (either immediately or at some future point in time) incapable of satisfaction, or which would cause satisfaction of a Condition to be unreasonably delayed, Target and Bidder must, to the extent that they are aware of such information, immediately notify the other party of that event.

Statement from Office of Liquor and Gaming Regulation, 24/11/2014:
The nature of probity investigations is complex and intrusive and the length of any investigation is critically dependant on the availability of information and the cooperativeness of the applicant. To date important information remains outstanding from ...Aquis.

The Cairns Post, 22/11/2014:

In a letter obtained by The Weekend Post, Liquor and Gaming Commissioner David Ford has told the Hong Kong billionaire that Justice and Attorney-General department executive director Michael Sarquis had written to Aquis setting out “in considerable detail the outstanding matters of which the Office of Liquor and Gaming Regulation is presently aware and the information which is required to resolve them”. “Moreover, it stresses the importance of the three outstanding interviews that have recently been deferred at the request of Aquis.

Just saying?

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