Queenco Leisure International Ltd
03 July 2007
This announcement is not an offer to sell or a solicitation of any offer to buy
the ordinary shares in the form of global depositary receipts of Queenco Leisure
International Ltd. in the United States or any other jurisdiction.
This announcement is an advertisement and not a prospectus. Investors should not
purchase or subscribe for any transferable securities referred to in this
announcement except on the basis of information in the prospectus which is
expected to be published by Queenco Leisure International Ltd. in due course in
connection with the Offering. Copies of the prospectus, following publication,
will be available from Queenco Leisure International Ltd.'s registered office.
3 July 2007
Queenco Leisure International Limited
Announces Initial Public Offering at an Offer Price of €14 per GDR
Queenco Leisure International Limited ('QLI' or 'Queenco Leisure') is pleased to
announce today that, following a successful fundraising, the price for the Offer
of its Shares in the form of global depository receipts (the 'GDR's) has been
set at €14 per GDR, implying a market capitalisation of €505 million, at the
Offer Price, assuming exercise of the over allotment option.
QLI is an emerging markets casino developer and operator. QLI, together with its
subsidiary undertakings (together, 'the Company') operates and manages two of
Greece's nine licensed casinos, Casino Palace in the centre of Bucharest and the
newly opened Casino Beograd in Belgrade.
Conditional dealings are expected to commence on the London Stock Exchange's
main market for listed securities at 9.00am UK time today under the ticker
symbol QLI. Admission to the Official List of the Financial Services Authority
and commencement of unconditional dealings is expected to take place at 9.00am
UK time on 9 July 2007.
Offer Price €14
Number of Ordinary Shares in the Offer 79,326,980
Number of GDRs (each GDR representing 10 ordinary shares) 7,932,698
Size of the Offer as a percentage of the Company's issued
share capital 22%
Gross proceeds € 111 million
Market Capitalisation € 505 million
* All figures in the above table assume the exercise of the over allotment
option
ING Bank N.V., London Branch, which is acting as Sole Global Co-ordinator, Sole
Bookrunner and Manager to the Company in connection with the Offering has been
granted an over allotment option, exercisable for a period of up to 30 days from
the announcement of the Offer Price, to purchase up to 721,154 GDRs.
QLI intends to use the proceeds from the subscription of new shares in the Offer
to finance new projects and the planned expansion of its existing casinos. QLI's
strategy is to also apply proceeds to increasing its investment in its existing
operational projects by acquiring interests of certain minority shareholders in
the businesses.
Dror Mizeretz, Chief Executive Officer of Queenco Leisure, said:
'We have had an excellent response to the Offer from a wide range of well known
institutions within the UK, Europe and the United States, who have joined our
shareholder register. The capital raised will aid the next stage in Queenco
Leisure's evolution, as we continue to build our existing operations in Greece,
Romania and Serbia and expand into new emerging markets such as the Czech
Republic and Bulgaria.'
For further information please visit www.queencoleisure.com or contact:
Queenco Leisure International Ltd.
Dror Mizeretz, CEO
Effy Aboudy, CFO
Tel: +972 375 45555
ING
Chris Godman
Tel: +44 (0)20 7767 6896
Cardew Group
Tim Robertson
James Milton
David Roach
Tel: + 44 (0)20 7930 0777
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Summary Information on Queenco Leisure
• QLI is an emerging markets casino developer and operator. QLI operates
and manages two of Greece's nine licensed casinos and Casino Palace in the
centre of Bucharest.
- Club Hotel Casino Loutraki ('Casino Loutraki'), is believed by the
Company to be Greece's leading casino by drop and win with almost one
million visits each year, and is located approximately 80 kilometres from
Athens.
- Casino Rodos, the only casino on the island of Rhodes, which was recently
ranked one of the top ten casinos in Europe(1).
- Casino Palace is located in the centre of Bucharest in one of the City's
most historic buildings.
• As at 18 June 2007, the Company operates approximately 1,400 slot
machines and 130 gaming tables, and employs 2,470 people.
• The Company seeks to use the established highly cash generative market
leading operations in Greece and Romania as a base from which to expand its
casino portfolio in emerging markets.
• QLI has an attractive pipeline of investment prospects, primarily in
Central and Eastern Europe. These include the development of a nightclub and
slot machine hall (with approximately 60 slot machines) in Prague. This is
planned to open for business in late 2007, with the expectation of
developing it into a full casino once the regulatory environment has become
more developed. The Company has also recently entered into a consortium to
operate the only licensed casino in the City of Belgrade, Serbia which
commenced operations on 30 June 2007..
• Currently the Company is at various stages of planning in a number of
development projects in other strategically advantageous markets, including
Romania, Bulgaria and Cambodia.
• The Company's business model is based on operating land-based casinos
and associated leisure industries. It has no presence in, or intention of
entering, the online gaming market.
The contents of this announcement, which have been prepared by and are the sole
responsibility of Queenco Leisure International Ltd. have been approved solely
for the purposes of Section 21 (2) (b) of the Financial Services and Markets Act
2000 ('FSMA') by ING Bank N.V., London Branch, 60 London Wall, London EC2M 5TQ
('ING').
ING is acting for Queenco Leisure International Ltd. in relation to the Offering
and no one else and will not be responsible to anyone other than Queenco Leisure
International Ltd. for providing the protections afforded to clients of ING, nor
for providing advice in relation to the Offering, the contents of this
announcement or any transaction or matters referred to herein.
This announcement is not for publication or distribution, directly or
indirectly, in, into or from the United States of America, Canada, France,
Italy, Greece, Australia or Japan. This announcement is an advertisement and
does not constitute or form part of any offer or invitation to sell or issue or
any solicitation of any offer to purchase or subscribe for any securities in any
jurisdiction, nor shall it (or any part of it) or the fact of its distribution
form the basis of, or be relied upon in connection with, or act as any
inducement to enter into, any contract or commitment thereof.
This document is not a prospectus. Recipients of this announcement who intend to
purchase or subscribe for GDRs in the Company following publication of the final
prospectus are reminded that any such purchase or subscription must only be made
solely on the basis of the information contained in the prospectus relating to
the Company in its final form.
In the event of any discrepancy between this document and the prospectus, the
prospectus will prevail. It is not the purpose of this announcement to provide,
and you may not rely on this announcement as providing a complete and
comprehensive analysis of the Company's financial or commercial position or
prospects.
The shares mentioned herein have not been, and will not be, registered under the
US Securities Act of 1933, as amended (the 'Securities Act'), and may not be
offered or sold in the United States or to or for the account or benefit of US
persons (as such term is defined in Regulation S under the Securities Act)
absent registration or an exemption from registration. No public offer of the
shares is being made in the United States and the information contained herein
does not constitute an offering of securities for sale in the United States,
Canada, France, Italy, Greece, Australia or Japan. No money, securities or other
consideration is being solicited and, if sent in response to the information
contained herein, will not be accepted.
The distribution of the documents or other information contained herein and the
Offering may be restricted by law in certain jurisdictions. No action has been
taken by Queenco Leisure International Ltd. or ING that would permit an offer of
any of the GDRs or possession or distribution of any of the documents or other
information contained herein or any other Offering or publicity material
relating to the GDRs in any jurisdiction where action for that purpose is
required, other than to certain investors in the United Kingdom. Persons into
whose possession any of the documents or other information contained herein
comes are required by Queenco Leisure International Ltd. to inform themselves
about and to observe any such restrictions. Any failure to comply with these
restrictions may constitute a violation of the securities laws of any such
jurisdiction.
Some of the statements made herein may include forward-looking statements which
reflect Queenco Leisure International Ltd.'s or, as appropriate, its directors'
current views with respect to financial performance and business strategy and
plans and objectives of management for future operations (including development
plans relating to the Company's properties and services). These statements
include forward-looking statements both with respect to the Company and the
sectors and industries in which the Company operates.
All forward-looking statements address matters that involve risks and
uncertainties. Accordingly, there are or will be important factors that could
cause the Company's actual results to differ materially from those indicated in
these statements. Any forward-looking statements in this document reflect
Queenco Leisure International Ltd.'s current views with respect to future events
and are subject to these and other risks, uncertainties and assumptions relating
to Company's operations, results of operations, growth strategy and liquidity.
Forward-looking statements may and often do differ materially from actual
results. These forward-looking statements speak only as of the date of this
announcement. Subject to any obligations under the prospectus rules, listing
rules and disclosure rules made by the Financial Services Authority under Part
VI of FSMA, and save as required by law, Queenco Leisure International Ltd.
undertakes no obligation to publicly update or review any forward-looking
statement, whether as a result of new information, future developments or
otherwise. All subsequent written and oral forward-looking statements
attributable to Queenco Leisure International Ltd., or individuals acting on
behalf of Queenco Leisure International Ltd., are expressly qualified in their
entirety by this paragraph.
In the State of Israel, the ordinary shares and the global depositary receipts
may only be offered to Israeli investors listed in the First Supplement to the
Israeli Securities Law 5728-1968, primarily institutional-type investors (each,
an 'Institutional Investor' and collectively, 'Institutional Investors'). The
offer of the ordinary shares and the global depositary receipts does not
constitute an offer made to the public in the State of Israel within the meaning
of Section 15 of the Israeli Securities Law.
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(1) ISA Casinos Guide
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