AERL Holding is in receipt of valid acceptances in respect of more than 75% of Aer Lingus shares and the offer is wholly unconditional.
AERL Holding also intends to take the necessary steps to acquire compulsorily any outstanding Aer Lingus shares and to re-register Aer Lingus as a private company.
Proxy statements with the full agenda for the annual meeting will be mailed to all shareholders of record of the ordinary shares of AERL
, the company added.
Accordingly, as additional incentives for exceeding targets KGP can opt to convert the cash payment part into AERL
shares at the end of each year at USD7.
Our September 2012 results were affected by our internal decision to tighten credit to agents, as the slowdown in growth in China has caused us to be more prudent in extending credit and led to disappointing results," said AERL Chairman Lam.
Commencing September 1, 2012, all AERL VIP rooms are on a revenue sharing remuneration model.
Also, as a result of the acquisition closing on September 12, and in accordance with the terms of the purchase agreement, AERL
has the right to all of the profit interest of BLGP dating back to September 1.
Our August 2012 results were affected by our internal decision to tighten credit to agents, as the slowdown in growth in China has caused us to be more prudent in extending credit," said AERL
" or the "Company") (NASDAQ: AERL
), which operates through its subsidiaries and related promoter companies as a VIP room gaming promoter, today announced it will implement a new program for large VIP agents who do not require credit from AERL
("non-credit agents"), effective September 1.
5 billion in each of the three years ending December 31, 2013, 2014 and 2015, its shareholders would receive three additional purchase consideration installments of US$13 million and 625,000 ordinary shares of AERL
Our July 2012 results were affected by both external factors out of our control as well as our internal decision to tighten credit to agents, as the slowdown in growth in China has caused us to be more prudent in extending credit," said AERL
Currently, all AERL
VIP rooms are under a fixed commission model of 1.