Stanley Leisure PLC has secured the City’s blessing to raise up to 350 mln stg via a rights issue if it wins the bidding war for Coral Eurobet, The Business reported without citing sources.
The paper added that Coral is close to putting together a shortlist of preferred bidders, headed by Rank and private equity group, Permira.
Stanley has 32 mln stg in cash, which may be largely eroded by the recent Tower Casino buy – funded by a 30 mln stg placing – the paper said.
Stanley is thought to be reluctant to buy the internet division Eurobet, which Coral’s current owners, Morgan Greenfell Private Equity, has been unable to sell off.
Special zone move backed by cabinet
Electric trains, water taxis under eco-plan
Cabinet has endorsed the declaration of Koh Chang as special administration zone, the next step in its plan to turn the island into a world-class tourist island.
A panel has been working on development ideas. Electric trains could provide public transport, it says, while nearby Koh Kood would be turned into a luxury tourist attraction such as France’s Riviera, Italy’s Capri island and Spain’s Marbella.
Deputy government spokesman Kuthep Saikrajang said a public body would oversee the changes. The government would focus on eco-tourism and ban all “dirty business” on the island, he said.
A draft royal decree setting up a special UFA administration organisation would be completed next month and sent to cabinet. “We have a land encroachment problem here, but the governor and the development panel are working on it. When the decree is in place we can start work on making Koh Chang an eco-tourist attraction,” Lt Kuthep said.
Prime Minister Thaksin Shinawatra had suggested that similar outfits could …