The Supreme Court of NSW has this week lifted a freezing order over shares in ASX-listed Donaco International Limited held by the Thai vendors of its Star Vegas casino resort in Cambodia.
The freezing order, first implemented in April 2018 and extended multiple times since, has prevented the vendors from selling their 148,199,529 shares, equal to 17.99% of the company’s issued share capital, while the two parties were engaged in legal battles in Cambodia and Singapore.
With those legal battles now over under a recent Settlement Agreement, Donaco revealed Thursday that the freezing order has also been lifted, with the Thai vendors having agreed to a voluntary escrow under which they will not dispose of their shares for six months from 2 March 2020.
The order had restrained the defendants, “by themselves and their servants and agents from selling, disposing of or otherwise alienating their interest in the share capital of Donaco, until the final resolution and payment of any award of damages in the Singapore arbitration proceedings initiated by Donaco,” according to a previous company filing.
RelatedPosts
