Key Developments: Asia Entertainment & Resources Ltd (AERL.W)
4.02USD
20 May 2013
$-0.08 (-1.95%)
$4.10
$4.00
$4.02
$4.00
200
156
$5.04
$2.47
Latest Key Developments (Source: Significant Developments)
Asia Entertainment & Resources Ltd Announces 2012 Annual Cash Dividend
Asia Entertainment & Resources Ltd announced that the 2012 Annual Dividend will be $0.1024 per ordinary share. The dividend will be distributed to shareholders of record as of April 16, 2013, and payable on April 26, 2013. Full Article
Asia Entertainment & Resources Ltd Issues FY 2013 Income Guidance In Line With Analysts' Estimates
Asia Entertainment & Resources Ltd announced that it expects non-GAAP income of $60 million to $75 million for fiscal 2013 based on the current and expected performance of its existing four VIP gaming rooms in Macau, and does not take into consideration any possible future expansion or additional VIP gaming rooms. According to I/B/E/S Estimates, analysts on an average are expecting the Company to report net income of $75 million for fiscal 2013. Full Article
Asia Entertainment & Resources Ltd Announces New Share Repurchase Program
Asia Entertainment & Resources Ltd announced that its Board of Directors has authorized the establishment of a new share repurchase program for the Company to purchase up to four million of its ordinary shares on the open market at prices to be determined by the Company's management. The program will begin after the release of the Company's financial results for the year ended December 31, 2012 and expire on December 31, 2013. Full Article
Asia Entertainment and Resources Ltd Announces Repurchase Of Over One Million Shares In Fourth Quarter 2012
Asia Entertainment and Resources Ltd announced that for the fourth quarter of 2012 (specifically from when the blackout period ended on November 20 until December 31), the Company repurchased 1,011,600 shares at an average price of $3.17 per share under its share repurchase program. For the full year 2012 under the current repurchase program, the Company repurchased and retired 1,273,947 shares. The share repurchase program, which expires June 30, 2013, authorizes the Company to further purchase up to an additional 726,053 of its ordinary shares on the open market at prices to be determined by the Company's management. Full Article
Asia Entertainment and Resources Ltd Reaffirms FY 2012 Net Income Guidance
Asia Entertainment and Resources Ltd reaffirmed fiscal 2012 non-GAAP income guidance of $68 million to $80 million. According to I/B/E/S Estimates, analysts on an average are expecting the Company to report net income of $69 million for fiscal 2012. Full Article
Asia Entertainment and Resources Ltd Completes Acquisition Of Bao Li Gaming Promotion Limited’s VIP Room At City Of Dreams Macau
Asia Entertainment and Resources Ltd that, through AERL's wholly-owned subsidiary, it has completed the acquisition of 100% of the profit interest in the operations of Bao Li Gaming Promotion Limited (BLGP), a Macau-based VIP room gaming promoter that operates one room with five tables at City of Dreams Macau, a Melco Crown property. The acquisition closed earlier than expected due to the seller satisfying all closing conditions, which were confirmed by AERL’s attorneys on September 12. Also, as a result of the acquisition closing on September 12, and in accordance with the terms of the purchase agreement, AERL has the right to all of the profit interest of BLGP dating back to September 1. Full Article
Asia Entertainment and Resources Ltd Updates On Seeking Dual Listing In Hong Kong
Asia Entertainment and Resources Ltd announced an update on seeking a dual listing in Hong Kong. The investment bank engaged to assist with the process has completed due diligence and has submitted the pre-IPO enquiry letter to the Stock Exchange. The Letter provides the Stock Exchange with certain information about the Company and asks the Stock Exchange whether it anticipates there being any issue with the Company listing on the Stock Exchange once a formal application is made. The Company anticipates receiving a response to the Letter within 60 days. Assuming that the Company receives a satisfactory response from the Stock Exchange to the Letter, the Company anticipates filing a formal listing application in the fourth quarter of 2012 and plans to list in the first half of 2013, assuming no delays. The Company will retain UHY as its auditor to comply with filing requirements in the U.S. and will engage a top-four auditor from Hong Kong to comply with listing requirements in Hong Kong. Full Article
Asia Entertainment and Resources Ltd Announces Record Date And Payment Date Of 2012 Six Month Cash Dividend
Asia Entertainment and Resources Ltd announced that its Board of Directors had authorized a regular dividend of $0.12 per outstanding ordinary share each year after the release of the Company's financial results for the six months ending June 30 (the Six Month Dividend). The Company announced that the record date for the 2012 Six Month Dividend will be August 21, 2012, and that the payment date will be August 31, 2012. Full Article
Asia Entertainment and Resources Ltd Lowers FY 2012 Net Income Guidance
Asia Entertainment and Resources Ltd lowered non-GAAP income guidance for fiscal 2012 from the original range of $88 million to $95 million to a new range of $68 million to $80 million. Full Article
Asia Entertainment and Resources Ltd Announces Non-Binding Memorandum Of Understanding To Acquire Bao Li Gaming Promotion Limited
Asia Entertainment and Resources Ltd announced that it has entered into a non-binding memorandum of understanding, whereby it will acquire Bao Li Gaming Promotion Limited (BLGP), a Macau-based VIP room gaming promoter. Subject to due diligence and customary closing conditions, Asia Entertainment expects to close the transaction by September 30, 2012. The total upfront consideration for BLGP is expected to be approximately USD15 million for 100% of BLGP’s operations. Additionally, if BLGP’s Rolling Chip Turnover is at least USD2.5 billion in each of the three years ending December 31, 2013, 2014 and 2015, its shareholders would receive three additional purchase consideration installments of USD13 million and 625,000 ordinary shares of AERL. BLGP’s stockholders can receive additional incentives for exceeding these targets. Until December 31, 2015, BLGP’s promoter, Kan Kuong Lou, would provide a personal guarantee for any bad loans associated with BLGP’s operations prior to the closing of the acquisition. Full Article
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