Donaco International Ltd has announced a revised timetable for its planned full acquisition by Hong Kong-based On Nut Road Ltd, delaying the completion of the deal until mid-August 2025.
The delay stems from regulatory and procedural holdups, including slower-than-expected third-party valuations and legal reviews in Cambodia and Vietnam.
In a Thursday filing to the Australian Securities Exchange, Donaco International confirmed that the scheme booklet—necessary documentation for the shareholder vote on the transaction—was not dispatched on the originally scheduled date of May 6th. The scheme meeting, initially set for June 3rd, has also been postponed.
The updated timeline now places the first court hearing for the scheme of arrangement on June 20th, followed by the dispatch of the scheme booklet to shareholders on June 30th. The shareholder meeting to approve the scheme is scheduled for August 4th, with the final court hearing on August 7th. If approved, the transaction is expected to become effective on August 8th and be implemented by August 19th.
Donaco International attributed the delay to multiple factors: ‘The delay in meeting the original Scheme timeline arose due to a delay in third parties returning valuation inputs to the Independent Expert, lengthier than expected analysis of change of control provisions under Cambodian and Vietnamese law, and various holiday periods across Australia, Vietnam and Cambodia,’ the company stated.
The independent expert’s assessment is a critical component of the process, as it ensures the deal is fair and reasonable for all shareholders. Donaco International emphasized that the delay was not due to any fault of the expert.
The proposed acquisition would see On Nut Road Ltd—a special purpose vehicle managed by Argyle Street Management Ltd—acquire all remaining shares in Donaco at AU$0.045 ($0.028) per share. On Nut Road, an investor in Donaco since 2019, currently holds 12.84 percent of the company’s issued capital.
Donaco International operates two border casinos: the DNA Star Vegas resort in Poipet, Cambodia, and the Aristo International Hotel in Lao Cai, Vietnam.
The company has committed to updating shareholders once the independent expert’s report is finalized and court hearing dates are confirmed.
