The head of the LET Group, Andrew Lo Kai Bong, is calling for an extraordinary general meeting (EGM) in an attempt to finally dispose of the company’s stake in Oriental Regent, operator of the Tigre de Cristal casino in Russia.
According to a Tuesday filing with the Hong Kong Stock Exchange, a Requisition Notice sent on July 3rd has been received by the company from the majority shareholder (Major Success Group, which holds 72 percent of shares) for the EGM.
The LET Group is now being requisitioned to ‘implement the disposal plan’ and that the ‘board of directors of Summit Ascent […] take steps to allocate resources to implement the Disposal Plan as soon as possible’.
Back in January, the LET Group sought to offload all of its shares in G1 Entertainment LLC, the operational entity behind Tigre de Cristal, to Dalnevostochny Aktiv, a Russian firm, for a sum of $116 million.
The deal fell through, with the majority of directors of LET Group and Summit Ascent resigning in opposition to the sale.
Now, given his stake in both companies, Andrew Lo is leveraging his voting power to again attempt the sale, now at a sale price of ‘no less than $92.8 million’, some 80 percent of the previous offer, to a third party independent of the two interlinked firms.
The proceeds of the sale are to in part result in a special dividend to Summit Ascent shareholders, equivalent to the share price of the company before its trading was suspended on the Hong Kong Stock Exchange in February.
The remainder would be used to ‘further invest’ in the group’s Westside City integrated resort project in Manila, which the LET Group holds a 51 percent share in via Suntrust Resort Holdings.
No buyer was indicated in the stock exchange filing nor was a date confirmed for the EGM.
