IKGHInternationales Kuratorium Guppy Hochzucht (Dutch: International Board of Guppy Highbreeding; Netherlands)
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IKGH expects to finalise its funding arrangements for the acquisition within the next few weeks.
Further, IKGH believes that the funding structure to be finalised should cause the acquisition to be accretive to earnings per share.
IKGH has consistently noted that it has been seeking to diversify its operations outside of Macau.
In addition, IKGH sees significant potential to rapidly grow VIP operations on the island, given that VIP gaming in Jeju is currently underdeveloped.
Upon reviewing potential opportunities, IKGH determined that the acquisition of the Jeju Sun Hotel and Casino and obtaining the non-expiring gaming license was the optimal way to diversify outside of Macau given the quality of the property and its close proximity (five-minute drive) to Jeju International Airport.
In addition to the Jeju Sun Hotel management team that will continue to run the property as previously discussed, IKGH is currently negotiating and is confident that it will have a deeply experienced professional gaming team in place to manage the casino operation post-acquisition.
IKGH intends to finance the acquisition through a loan and the issuance of equity, and the transaction is expected to close in 3Q16, subject to the satisfactory completion of due diligence and customary closing conditions, including the receipt of any required governmental approvals.
The holding company had previously announced that its board of directors had approved a regular dividend each year, following the release of IKGH's financial results for the six months ending 30 June 2105 (the Six Month Dividend).
A holding company, IKGH operates via its subsidiaries and related promotion entities that act as VIP room gaming promoters and a collaborator from VIP gaming rooms and is entitled to receive all of the profits from these promoters and a collaborator.
Further, the company said that the application proof available for viewing and downloading on the Stock Exchange's website at http://www.hkexnews.hk/APP/SEHKAPPMainIndex.htm contains some business and financial information, among other things, relating to IKGH. However, it does not have any obligation or liability whatsoever in relation to the application proof, which being in draft form and the information contained in it subject to change, which can be material.