Forum Archive Index - February 2000

[Mark Hutton <mrkhutton@netscape.net>]

Yes I agree with earlier comments re cynics. For those of us on the "run" this
morning with not much time to surf the net, here's the NZ Herald article on
AQL. Sounds as if it's just a matter of time before the big announcement is
made - talk about a worst-kept secret!

04.02.2000 - By FIONA ROTHERHAM 

Fuelling speculation that it may be yet another company to turn to e-commerce,
Aquaria 21 will be left virtually a cashed-up shell following sale of its
assets to the Australian-based Bliss Corporation. 
Under the complex deal, Aquaria 21's aquarium assets and those of Oceanis in
Australia will merge into the shell company Bliss, which will then relist. 
Aquaria yesterday announced it would receive a holding of 125 million shares -
around one-third of Bliss - following settlement. Oceanis Australia will hold
approximately 61 per cent. 
Aquaria receives seven million Bliss shares for its Korean assets recently
sold to Oceanis and up to 118 million for the Shanghai Aquarium. 
A condition of the deal is that actions be taken to get
Bliss relisted on the Australian Stock Exchange. It has been suspended since
December 1998.
Aquaria must also sell marketable parcels of shares to unrelated parties to
satisfy the Australian Stock Exchange's requirement for a spread of 400
shareholders with more than $A2,000 ($2,500) of shares. Bliss shares are to be
issued at 14Ac. 
Aquaria 21's directors said they would sell sufficient Bliss shares to repay
borrowing of $US5 million ($10 million) on the Shanghai Aquarium. 
The less debt on the aquarium at settlement, the more Bliss shares Aquaria
receives up to the maximum of 118 million. 
The directors intend selling the balance of the Bliss holding at a time they
consider "appropriate." 
Bliss noted Aquaria 21's intention to sell down its Bliss stake but added:
"Trading on the Australia Stock Exchange of Bliss' ordinary shares will remain
suspended until after shareholders have considered the acquisition." 
Bliss shareholders vote on March 6. 

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