Border-casino operator Donaco International Ltd says it has received the report from an independent expert engaged to advise on the deal that will see one of its investors – a Hong Kong-based investment fund – acquire 100 percent of Donaco’s shares.
Australia-listed Donaco runs the DNA Star Vegas resort at Poipet, on Cambodia’s border with Thailand; and the Aristo International Hotel (pictured in a file photo) at Lao Cai, in Vietnam, near that country’s border with China.
In mid-March, Donaco said it had “entered into a binding scheme implementation deed with On Nut Road Ltd” for the latter’s “proposed acquisition of 100 percent of the shares in Donaco that it does not already own, via a scheme of arrangement for AUD0.045 [US$0.028] cash per Donaco share.”
In a Friday filing, Donaco said the independent expert – identified as BDO Corporate Finance Ltd – “has concluded that the scheme [arrangement] is fair and reasonable and in the best interests of shareholders, in the absence of a superior proposal”.
The filing added: “The Donaco board unanimously recommends that Donaco shareholders … vote in favour of the scheme … in the absence of a superior proposal and subject to the independent expert continuing to conclude that the scheme is in the best interests of Donaco shareholders.”
On Nut Road is described as a special purpose vehicle managed by Argyle Street Management Ltd, a Hong Kong licensed fund manager. On Nut Road had been an investor in Donaco since 2019, currently holding 12.84 percent of Donaco’s issued capital.
In Friday’s filing, Donaco also said the Supreme Court of New South Wales, in Australia, has ordered that Donaco convenes a meeting of shareholders “to consider and vote on the proposed scheme”.
The court also approved the distribution of an explanatory statement providing information about the scheme, and of the independent expert’s report to Donaco’s shareholders, according to the announcement.
A meeting to vote on the scheme is expected to be held on August 4, added the filing.
Donaco reported net revenue of AUD10.03 million for the first three months of 2025, compared to AUD12.65 million in the prior-year period.
