Shares in AMZ Holdings jumped 52% to 95p each on the back of legislation legalising gaming in Taiwan which will significantly increase the value of its land.
The bill requires the signature of the President and he is in favour of the proposals.
An offshore island called Penghu has been earmarked for casino resort developments. AMZ, which was originally known as Amazing, has been buying up land on the island and reckons it is the largest private land owner. It has more than enough to apply for a gaming licence and it has approvals for the development of a resort.
At the end of May 2008, land and assets under construction were worth £5.67m in the AMZ balance sheet. It is unclear whether all of that relates to Taiwan. In December 2008, AMZ said it would not go ahead with a development in the Philippines.
AMZ had cash of £3.4m at the end of May 2008 but there were also £4.6m of convertible loan notes – which are traded on Plus-quoted - on the balance sheet. The net asset value was £4.1m.
AMZ joined Aim on 12 December 2005 at 185p a share and started buying up land. This news comes just over three years after it joined Aim.
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