Press release from International All Sports
13 May 2009
Australian Stock Exchange Limited (“ASX”)
Company Announcements Office
10th Floor
20 Bond Street
SYDNEY NSW 2000
ASX - ANNOUNCEMENT
SALE OF INTERNATIONAL CANBET BUSINESSES
The Board of International All Sports (IAS) is pleased to announce that it has entered into a
binding agreement to sell its international Canbet businesses to Yin Khing Investments
Limited (YKI). YKI is a British Virgin Islands registered company, the principals of which are
Patrick Tay and Elson Yin. YKI and its associated companies specialise in innovative software solutions in the internet based entertainment market.
YKI will purchase the IAS Group companies that operate the international Canbet business,
for $1 million. Canbet provides online sports and horse racing betting services, as well as
other gaming products to customers outside Australia. During a transition period (expected
to conclude in Q3 2009), IAS will provide services to assist the migration of Canbet
operations to YKI, on a fee for service basis.
IAS will retain its Australian business and the Norfolk Island based A
ustote business, and will continue to offer the same comprehensive range of services.
The chairman, Mr Barry Coulter commented,
As previously disclosed in the 2008 Annual Report, Canbet made a loss of $8.6m for the
financial year and a loss of $3.7m for the 6 months to 31 December 2008, as disclosed in
the 2008/09 Appendix 4D. After deconsolidating the international Canbet companies the
sale transaction is expected to result in a one-off abnormal balance sheet write-down of
approximately $12m. The sale is also expected to result in an ongoing reduction in
expenses of more than $400,000 per month.
As previously announced, several parties have been subject to standstill agreements in
relation to trading in IAS shares. As a result of the Canbet sale and ongoing changes in
industry dynamics, particularly the impact of advertising and product fees, the IAS Board of
Directors has agreed to release all companies currently bound by standstill obligations.
Shareholder enquiries should be directed to John Nugent, Company Secretary,
International
All Sports Limited, on +613 9948 9948.
Barry Coulter
CHAIRMAN
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Canbet dispute report
13 May 2009
Australian Stock Exchange Limited (“ASX”)
Company Announcements Office
10th Floor
20 Bond Street
SYDNEY NSW 2000
ASX - ANNOUNCEMENT
SALE OF INTERNATIONAL CANBET BUSINESSES
The Board of International All Sports (IAS) is pleased to announce that it has entered into a
binding agreement to sell its international Canbet businesses to Yin Khing Investments
Limited (YKI). YKI is a British Virgin Islands registered company, the principals of which are
Patrick Tay and Elson Yin. YKI and its associated companies specialise in innovative software solutions in the internet based entertainment market.
YKI will purchase the IAS Group companies that operate the international Canbet business,
for $1 million. Canbet provides online sports and horse racing betting services, as well as
other gaming products to customers outside Australia. During a transition period (expected
to conclude in Q3 2009), IAS will provide services to assist the migration of Canbet
operations to YKI, on a fee for service basis.
IAS will retain its Australian business and the Norfolk Island based A
ustote business, and will continue to offer the same comprehensive range of services.
The chairman, Mr Barry Coulter commented,
The Canbet business has had a number of
operational challenges, particularly following the changes to gaming laws in the United
States and unsuccessful strategies to grow our European sports operation. The sale of
Canbet presents an opportunity for IAS to refocus on our core Australian business. This
transaction transforms IAS from a global operation into a more focused and profitable niche
player in the Australian racing industry.
operational challenges, particularly following the changes to gaming laws in the United
States and unsuccessful strategies to grow our European sports operation. The sale of
Canbet presents an opportunity for IAS to refocus on our core Australian business. This
transaction transforms IAS from a global operation into a more focused and profitable niche
player in the Australian racing industry.
financial year and a loss of $3.7m for the 6 months to 31 December 2008, as disclosed in
the 2008/09 Appendix 4D. After deconsolidating the international Canbet companies the
sale transaction is expected to result in a one-off abnormal balance sheet write-down of
approximately $12m. The sale is also expected to result in an ongoing reduction in
expenses of more than $400,000 per month.
As previously announced, several parties have been subject to standstill agreements in
relation to trading in IAS shares. As a result of the Canbet sale and ongoing changes in
industry dynamics, particularly the impact of advertising and product fees, the IAS Board of
Directors has agreed to release all companies currently bound by standstill obligations.
Shareholder enquiries should be directed to John Nugent, Company Secretary,
International
All Sports Limited, on +613 9948 9948.
Barry Coulter
CHAIRMAN
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Canbet dispute report
