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AMZ Holdings
- BY: Andrew Hore |
- POSTED: 09/02/2009 |
AMZ Holdings is considering its options for the land it owns on Penghu Island following the plans to legalise gaming in Taiwan.
AMZ is the largest and only private landholder on Penghu and has put together more than 10 hectares of land - enough to enable it to apply for a gaming licence. It also has approvals for the development of a resort. AMZ will not build and operate a casino itself.
The gaming tax will be 10% gross, against 35% in Macau.
Merrill Lynch has been appointed to assess strategic options. An international gaming company is more likely to take on the development of a resort and/or casino.
AMZ had cash in the bank of £2.51m at the end of November 2008 and had convertible loan notes worth £4.77m. The net asset value is £3.9m, including property valued at £6.45m.
At 160p a share, AMZ is valued at £25.7m.
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