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2/15/2001 Gocorp merges with Lasseters and beats the Australian moratorium Gocorp Ltd, one of the companies that fell under the Australian government?s moratorium, has merged with Lasseters Online, in an attempt to escape the Federal Government's one-year ban on new Net gambling licenses. Lasseters Online, a Net casino that has been licensed and regulated by the Northern Territory government, is not subject to the moratorium as it was licensed before the backdated ban. According to the merger, Lasseters Holdings Ltd will hold 75 percent of the merged company after the transaction, with current shareholders holding the remaining 25 percent. The transaction requires Gocorp to acquire 100 percent of the equity in Lasseters Online (a division of Lasseters Holdings) and then issue three shares in the new merged operation for every one share in Gocorp. Lasseters Holdings Managing Director, Peter Bridge, states, "The proposed merger makes good business sense, because it injects the resources and capital Lasseters needs to support its global expansion." However, the Federal Government has made it clear it wants to do away with online gaming operations totally. Therefore, Lasseters is already prepared for a move overseas if necessary. |
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