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Australia – Aquis confirms sale of Casino Canberra to Iris CC Holdings for A$63m

By - 13 July 2022

Aquis Entertainment has confirmed that it will sell Canberra Casino to Iris CC Holdings for A$63m.

Aquis said it has accepted this revised proposal and has now entered into a new share purchase agreement to sell Aquis Canberra to Iris for such price. Aquis had previously entered into with Capital Leisure & Entertainment Pty Ltd, which is owned and controlled by interests associated with the Oscars Group (Oscars). See the Aquis announcements of 12 May 2022 and 6 July 2022 for the terms of the agreement with Oscars.

Iris has confirmed that all employees of Casino Canberra will continue their employment unaffected
by the Transaction.

The Independent Directors of Aquis consider the proposed Transaction with Iris to be superior to the
terms of the proposed sale to Oscars. In particular, the proposed transaction represents a material premium to the Oscars transaction which valued Aquis Canberra at A$58.2m on a debt and cash free basis (other than a requirement that Aquis Canberra must be transferred with at least $3m cash held to meet certain casino regulatory requirements) enhances execution certainty through the receipt of 100% of the purchase price into a trust account ahead of completion.


Allison Gallaugher, CEO of Aquis and Casino Canberra, said: “The revised Transaction represents a
considerable value uplift to the Company and its shareholders and recognises the continued strong
operating performance and potential of the business. I am very excited to work with Iris on the
continual improvement of our business.”


Sam Arnaout, Sole Director of Iris, added: “We are excited about the opportunity to acquire Casino
Canberra and look forward to working collaboratively with the Aquis team in the future.”

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