Loan Stock PLUS Admission Announcement
22 Julho 2008 - 3:00AM
UK Regulatory
RNS Number : 5380Z
AMZ Holdings plc
22 July 2008
�500,000 Artemis Investment Management Limited
�500,000 Axa Framlington Investment Management Limited
�220,000 CQS New City (New City Investment Managers Limited)
�250,000 Smith & Williamson Investment Management
�2,700,000 Martin Currie - Taiwan Opportunities Fund
�500,000 Bayside Development Corporation Ltd
AUDITED ACCOUNTS:
Two significant changes in the financial condition of the Company have occurred since the end of the last period for which audited
accounts have been published, these being the issue of the Loan Stock and the publication of the Company's interim results for the six
months ended 30 November 2007. The issue of the Loan Stock was announced by the Company on 25 April 2008 and interim result were announced
on 29 Feb 2008 and these announcements are available on the Company's website.
DIRECTORS:
David Mathewson BSC CA - Non Executive Chairman
Mr. Mathewson, aged 60, is a Chartered Accountant who has spent his career in Investment Banking in the UK and Overseas. Previously a
Director of Noble Grossart, Merchant Bankers, for twelve years and immediate former Chairman of Sportech plc. He is Non-executive Chairman
of Asian Growth Properties, Non-executive Director of Edinburgh UK Tracker Trust plc and also a trustee of the Royal Botanic Gardens
Edinburgh.
Michael Treanor - Chief Executive Officer
Since 1998, Michael has worked in real estate private equity, successfully managing the acquisition, financing, development and
disposal of real estate private equity investments including six casino/hotel properties in Nevada, the Tides Hotel in Miami Beach, Florida
and a variety of other commercial properties including shopping centres, cold storage facilities, student housing properties and office
buildings. Michael was twice issued a non-restricted gaming licence by Nevada regulators and is a qualified attorney in the states of New
York and Massachusetts.
Prior to 1998, Michael worked for Lehman Brothers Inc. in the real estate investment banking group in New York, and as an attorney at
Cadwalader, Wickersham & Taft in New York. Since 2004 Michael was Managing Member of a series of limited liability companies with a
portfolio of assets in Las Vegas, Nevada and during this time worked closely with Larry Woolf on a number of projects.
Larry Woolf - Non Executive Director
A well respected figure in the gaming industry, Mr. Woolf was a key member of the Caesars Worldwide Executive Management Team. He
opened Caesars Atlantic City, New Jersey, USA, in 1984. He went on to serve as Senior Vice President of Operations prior to being named
President of Caesars Lake Tahoe, Nevada, USA. In 1990 he was named Chairman and CEO of the MGM Grand Hotel and Casino, Las Vegas, Nevada,
USA, and began the process of creating what would become the first US$1 Billion plus casino property, which is the largest casino resort
facility of its kind in the world today. Responding to challenges of an ever-evolving casino industry, he left the MGM Grand and founded
Navegante where he has assembled an elite corps of executives and professionals, who explore, identify, evaluate and optimize opportunities
for a variety of clients worldwide. Through Navegante he not only won the bid to develop and operate Casino Niagara, Canada, but has since
gone on to make Casino Niagara one of the most successful casinos in the world today. Recently he successfully opened Casino Fandango (July 2003), located in Carson City, Nevada, USA, which has been
extremely well received by the customers and is currently outperforming the marketplace. Through Navegante he also manages the Grand Sierra
Casino in Reno, USA and the Sahara Casino in Las Vegas, USA.
Tiffany Chang - Non Executive Director
Tiffany is a representative of the Taiwan Opportunities Fund (managed by Martin Currie) and is currently a consultant to MC China
Limited, part of the Martin Currie group of companies. The Martin Currie group manages a number of investment funds that invest in Taiwan
and the Greater China region, including the Taiwan Opportunities Fund and the Taiwan Catalyst Partnership. Tiffany has built a career in
asset management, and prior to that as a research analyst in Asia, and is a CFA charter holder.
The directors hold or have held within the period of five year prior to the date of this announcement, the following other
directorships:
David Mathewson
Current directorships
Dalveen Limited
Edinburgh UK Tracker Trust plc
Robertson Group Limited
Robertson Homes Limited
Past directorships
Company 91 Limited
Corsie Group plc
CP1 VCT plc
Geared Opportunities Income Trust plc
GOIT Zeros 2008 plc
Lemonthyme Limited
Martin Currie High Income Trust plc
New Park Educational Trust Limited
Noble & Company Limited
Si Chalfont Park (LP) Limited
Si Chalfont Park (SPV) Limited
Sportech plc
Sportech Trustees Limited
St. Leonards Enterprises Limited
St. Leonards School
Strategic Investment Management Limited
Talk 107 Edinburgh Limited
Michael Treanor
Current directorships
Claremont Gaming LLC
Claremont Investment LLC
Concorde Capital LLC
Concorde Gaming LLC
Fremont FSPP Associates (partner)
Fremont Strategic Property Partners (partner)
Past directorships
Tamares Las Vegas Partners LLC
Tamares Las Vegas Partners - II LLC
Tides Hotel Property LLC
Larry Woolf
Current directorships
Aquarius Global Partners Limited
Navegante Group, Inc.
Navegante C.A, Inc.
Navegante Retail, Inc.
Past directorships
Cyberview Technology, Inc.
Crescent Hydropolis Plc
Tiffany Chang
Current directorships
None
Past directorships
None
RISK FACTORS:
1. Gaming is illegal in Taiwan and it may not become legal or it may be many years until it is legalised. Gaming in Taiwan is
opposed by many academics, religionists, legislators and others. Even if gaming becomes legal in Taiwan, gaming may not be approved for the
Penghu Islands or the Company may not be granted a licence.
2. The Company owns land in the Penghu Islands that is currently zoned for commercial development. The development agreement with
the County where the land is located currently requires that the Company take certain steps to develop a non-gaming resort by 2011. There is
no assurance that the Company will have the financial resources to begin development in a timely manner. In addition, the Company is
dependent on certain approvals from the government which may not be granted.
3. The Company believes that there may be other companies, perhaps companies with greater financial resources, seeking to
assemble land in Penghu.
4. The Company may be required to develop a resort/hotel in advance of any approval of gaming. In the event that gaming is not
approved for the Company's properties, the Company would own a resort/hotel property which it may choose to operate or sell.
5. There is a possibility that, even following the approval of gaming at the Company's properties, opposition could cause
disruption and delays to the construction, opening and operation of the casino resort.
6. The tax imposed upon a casino has a significant impact on its profitability and ability to attract gamblers. The tax rate that
would apply is not known.
7. The Company is heavily dependent on its management team and consultants. The loss of one or more of these people could have a
material adverse effect on the Company's business, condition (financial or otherwise), prospects or earnings.
8. Should gaming be legalised in Taiwan, casino operators may be required to meet minimal capital requirements, that the Company
may or may not be able to meet.
9. Should gaming be legalised in Taiwan, casino operators there will face strong competition from the established market in Macau
and the developing market in Singapore.
10. The development of both a hotel resort and casino resort would require the Company to raise substantial additional funds. This
could include further equity issues which would be dilutive to current shareholders. Further, the Company may be unable to procure
sufficient additional funding.
11. There is a foreign exchange risk inherent in the conversion of � and US$ to Taiwanese NT$ and � to US$. The Company's accounts
will be prepared in � and its principal assets will be in NT$.
12. The Penghu Islands lie in an area of potential geopolitical instability in the Taiwan Straits. There is a risk that the
political relationship between Taiwan and China might deteriorate.
13. The Penghu Islands are not an established tourism destination. There are currently no international direct scheduled flights
to the Penghu Islands, which may deter tourists from visiting.
Enquiries:
Jonathon Brill/ Financial PR Tel: +44(0) 20 7831 3113
Caroline Stewart,
Financial Dynamics
Matthew Robinson / Corporate Adviser Tel: +44(0) 20 7600 1658
Ed Frisby
FinnCap
Website: www.amzholdings.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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