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Document date: Wed 23 Oct 2002 Published: Wed 23 Oct 2002 19:09:59
Document No: 278362 _Document part: A
Market Flag: N
Classification: Asset Acquisition
CONSOLIDATED GAMING CORPORATION LIMITED 2002-10-23 ASX-SIGNAL-G
HOMEX - Sydney
+++++++++++++++++++++++++
The Directors of Consolidated Gaming Corporation Limited (CGC) are pleased to announce that CGC has entered into a Share Sale Agreement with the shareholders of Tasman Investments Inc (Tasman) to acquire all the issued shares in Tasman. Tasman, which is located in Antigua, West Indies, has entered into an agreement to acquire the business of World Wide TeleSports (WWTS, and www.betWWTS.com), which is one of the world's oldest, largest and most respected sportsbooks, offering online and telephone services to its extensive client base on a multitude of global sporting events. WWTS is fully licensed and regulated by the government of Antigua. Under the Share Sale Agreement, CGC will acquire 100% of the issued capital of Tasman. The consideration for the purchase of all the issued shares in Tasman is the issue by CGC of 61,548,698 fully paid ordinary shares (post a 1 for 10 consolidation of CGC's share capital) and the assumption of Tasman's debt relating to its acquisition of the WWTS business, totalling US$17.2m in redeemable convertible notes, which are exercisable into ordinary shares in CGC at A$0.44 per share, being the price after the 1 for 10 share capital consolidation.
Document date: Wed 23 Oct 2002 Published: Wed 23 Oct 2002 19:09:59
Document No: 278362 _Document part: A
Market Flag: N
Classification: Asset Acquisition
CONSOLIDATED GAMING CORPORATION LIMITED 2002-10-23 ASX-SIGNAL-G
HOMEX - Sydney
+++++++++++++++++++++++++
The Directors of Consolidated Gaming Corporation Limited (CGC) are pleased to announce that CGC has entered into a Share Sale Agreement with the shareholders of Tasman Investments Inc (Tasman) to acquire all the issued shares in Tasman. Tasman, which is located in Antigua, West Indies, has entered into an agreement to acquire the business of World Wide TeleSports (WWTS, and www.betWWTS.com), which is one of the world's oldest, largest and most respected sportsbooks, offering online and telephone services to its extensive client base on a multitude of global sporting events. WWTS is fully licensed and regulated by the government of Antigua. Under the Share Sale Agreement, CGC will acquire 100% of the issued capital of Tasman. The consideration for the purchase of all the issued shares in Tasman is the issue by CGC of 61,548,698 fully paid ordinary shares (post a 1 for 10 consolidation of CGC's share capital) and the assumption of Tasman's debt relating to its acquisition of the WWTS business, totalling US$17.2m in redeemable convertible notes, which are exercisable into ordinary shares in CGC at A$0.44 per share, being the price after the 1 for 10 share capital consolidation.