Forum Archive Index - May 2000

[Chris <cd@ak.planet.gen.nz>]

For the tired eyes of AQL holders, if you have not already sighted this.

Regards, 
Chris
cd@pl.net


AQL
16/05/2000
ASSET

REL: 0848 HRS Aquaria 21 Limited

ASSET: AQL: SALE OF SHANGHAI AQUARIUM

Aquaria 21 has entered into a conditional agreement with Oceanis Holdings 
Pty
to sell its 100% interest in the Shanghai Aquarium.  The Oceanis Group's
principal assets are the Melbourne and the Sunshine Coast Underwater World
aquariums and the Pusan aquarium development project, recently acquired 
from
Aquaria 21.  Oceanis previously had an agreement to sell these assets to
Bliss Corporation Limited and Aquaria had an interdependent contract to 
sell
the Shanghai Aquarium to Bliss.  These contacts were terminated without
settling on 11/05/00.  The Directors believe entering into this agreement 
is
now in the best interests of the Company.  The consideration payable by
Oceanis is US$8,325,000.  The agreement is subject to a number of 
conditions,
including the approval of Aquaria 21 shareholders by 29/06/00.  A meeting 
of
shareholders will be called prior to that date.  The consideration 
receivable
of US$8,325,000 will allow Aquaria 21 to settle all its liabilities
(including repayment of the Convertible Notes in September 2000) subjects 
to:
1.      The Shanghai Aquarium continuing to trade satisfactorily through 
to
settlement;
2.      The quantum of any amounts becoming payable under warranties 
Aquaria 2
is required to give     the purchaser.
Subject to the above, the net asset backing per share is forecast to be 
less
than 1 cent.
Directors are now instigating plans to reduce ongoing costs to the minimum
necessary to fulfil the company's statutory and legal obligations.      A 
furt
announcement on the company's future will be made in due course.
END
End CA:00056123 For:AQL    Type:ASSET      Time:2000-05-16:08:51:14 
Encrypt:Y


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