Yigal Zilka has floated Queenco Leisure International Ltd. (QLI - formerly Resido Development Tourism and Vacations Ltd.) on the London Stock Exchange at a company value of €505 million, after money, following yesterday’s pricing stage for the offering. The company will issue 7.2 million Global Depository Receipts (GDRs), reflecting 72.1 million ordinary shares, at €14 each. QLI also granted the underwriter, ING Bank NV, a green-shoe option on an additional 721,100 GDRs. Altogether, the company plans to raise €111 million.
Conditional trading in QLI GDRs, under the ticker QLI, begins today, and unconditional trading will begin on July 9.
QLI is jointly owned by Queenco Ltd. (TASE: QNCO) and Shahar Hamillennium (1991) Ltd. (TASE: SHML). Shahar Millennium sold an additional 8% of QLI for €27 million in an offer for sale and another shareholder sold an additional 2%. Queenco will report a capital gain of NIS 180 million, assuming that the green shoe option is exercised in full.
QLI owns three casinos, two in Greece and one in Romania.
Published by Globes [online], Israel business news - www.globes.co.il - on July 3, 2007
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