AMZ Amz Holdings

 

TIDMAMZ 
 
RNS Number : 7373Z 
AMZ Holdings plc 
28 September 2009 
 

28th September 2009 
 
 
AMZ Holdings plc ("AMZ" or the "Company") 
 Penghu, Taiwan referendum fails to pass 
AMZ Holdings PLC announces that the local referendum on 26 September 2009 which 
sought to establish Penghu, Taiwan as the approved location for gaming resorts 
was unsuccessful. As a consequence, the Company now anticipates that the capital 
raising which is required to enable it to meet its redemption obligations in 
respect of its 2011 loan stock in an amount of GBP1.6 million due on 24 October 
2009 and secure its working capital requirements beyond December 2009 will be 
significantly more difficult. 
 
 
Whilst the result of the referendum is disappointing, the Company's property, 
the largest private site on Penghu, Taiwan has recently been valued at USD$46.2 
million with no value attributed to gaming, and has an international resort 
permit. The Directors intend to pursue all options available to it in respect of 
its property to maximise shareholder value. 
 
 
The Board also announces the resignation of Tiffany Chang as a non-executive 
director with immediate effect. Tiffany Chang was the representative of the 
Martin Currie Taiwan Opportunities Fund which has recently requested the 
redemption of a portion of its 2011 loan stock. 
 
 
Michael Treanor, CEO, said: 
 
 
"We are disappointed with the referendum result. However, the Company remains 
the largest landowner on the island, and holds valuable development permits. 
Penghu has emerged as one of the top three Taiwan destinations for mainland 
Chinese and is expected to benefit from the dramatic increase in cross-straits 
and regional tourism. 
 
 
I would like to thank Tiffany for her invaluable support and assistance, and am 
pleased that despite her resignation, she has agreed to continue to be a 
valuable resource for the Company in the region." 
 
 
- Ends - 
 
 
 
 
For further information please contact: 
 
 
+--------------------------------+------------------+-------------------------+ 
| Jonathon Brill/Caroline        | Financial PR     | Tel: +44(0) 207 831     | 
| Stewart,                       |                  | 3113                    | 
| Financial Dynamics             |                  |                         | 
|                                |                  |                         | 
+--------------------------------+------------------+-------------------------+ 
| Stuart Andrews/                | Nominated        | Tel: +44(0) 20 7071     | 
| Chris Clarke                   | Adviser          | 4300                    | 
| Evolution Securities Limited   |                  |                         | 
+--------------------------------+------------------+-------------------------+ 
 
 
Website: www.amzholdings.com 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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