Queenco gaming unit to raise €62-74m in London

Queenco Leisure International Ltd. will be valued at up to €555 million after money.

Queenco Ltd. (TASE: QNCO), controlled by Yigal Zilka, has provided investors with further details about the upcoming offering of its subsidiary Queenco Leisure International Ltd (formerly Resido Development Tourism and Vacations Ltd.) on the London Stock Exchange (LSE).

Queenco said that its subsidiary will issue Global Deposit Receipts (GDRs) with a value of €12.80-15.40 each.

The offering will raise €62-74 million for Queenco International giving it a company value of €462-555 million after money. The amount to be raised also includes the exercise in full by the underwriters of their green shoe options.

Queenco said that the offering would also include an offer for sale by its subsidiary Shahar Hamillenium (1991) Ltd. and other private investors, who will sell shares for a total of €40-48 million, increasing the amount raised to €102-122 million.

Last March, Freddi Robinson sold his 46% stake in Shahar Hamillenium to his partner Zilka for NIS 190 million.

Queenco Leisure manages Shahar Hamillenium and Queenco's gaming businesses in the Greek islands of Loutraki and Rhodes, and in Bucharest, Romania.

Published by Globes [online], Israel business news - www.globes.co.il - on June 18, 2007

© Copyright of Globes Publisher Itonut (1983) Ltd. 2007

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