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Asia Entertainment & Resources Ltd Announces Proposed Rights Offering

Friday, 24 May 2013 04:05pm EDT 

Asia Entertainment & Resources Ltd (AERL) announced that record date for a proposed rights offering. As AERL previously announced, AERL is seeking to dual list its securities on the Hong Kong Stock Exchange. In order to comply with Hong Kong listing requirements relating to the financial independence of the Company, AERL should, among other things, repay in full amounts due to existing shareholders in order to demonstrate its financial independence from shareholders at the time of the listing in Hong Kong. In order to raise funds sufficient to repay such amounts, AERL plans to offer subscription rights to purchase approximately $63 million of its ordinary shares to each shareholder of record as of June 3, 2013. The rights offering will permit AERL to raise equity capital through the sale of ordinary shares without diluting existing shareholders who exercise their rights in full. The number of rights, exercise price of the rights and other terms will be determined and announced prior to the commencement of the offering. AERL expects that the rights will be tradable, thereby allowing existing shareholders that are not interested in exercising their rights to sell their rights in the public market. 

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