Quote:
Originally Posted by Self Made
[I]
As previously noted, the sale was later unwound, so presumably Talbot owns Tusk once again.
I phoned Global last week for info and they confirmed that their % in Tusk was returned to the original shareholder(s).
Also confirmed in this Global document -
http://www.globalapproach.com.au/ann...nts/415724.pdf
2. Reason for Capital Reduction
On or about 24 May 2006, the Company entered into an agreement with Tusk and the Vendors
whereby the Company agreed to acquire all of the issued capital in Tusk from the Vendors in
consideration for the issue to the Vendors of in aggregate one hundred and fifty-five million
(155,000,000) fully paid ordinary shares in the capital of the Company at a deemed issue price of
twelve and a half cents ($0.125) per share (the Transaction). The Company received shareholder
approval of the Transaction on 27 June 2006.
Subsequently on 30 September 2006 the United States Congress passed legislation effectively
prohibiting the receipt of money from players at casinos and poker rooms such as those operated
by the Company. This has had a significant effect on the Company’s business as approximately
80% of the Company’s casino revenue and 20% of the Company’s poker revenue had been
derived from the United States.
Accordingly, as announced by the Company on 27 November 2006, the Company proposes to
reverse the Transaction (Reversal). In order to effect the Reversal, the Company proposes to
transfer back to the Vendors all of the issued share capital of Tusk, totalling one hundred and four
thousand, one hundred and seventy-seven (104,177) shares, and carry out the selective capital
reduction and cancellation of the Cancellation Shares, being the one hundred and fifty-five million
(155,000,000) fully paid ordinary shares in the capital of the Company issued to the Vendors as
consideration for the Transaction.