ECHO Entertainment shares rose yesterday after a botched share raid the previous evening was taken as a sign that the battle of the billionaires on its share register has heated up again.
Investors confirmed to BusinessDay that RBS was in the market on Thursday evening for 40 million shares at $3.90.
This was just a 5¢ a share premium to the stock’s previous close and too little to tempt shareholders who also have James Packer’s Crown on the register.
Crown is seeking to lift its 10 per cent stake to 25 per cent if granted permission by the casino regulator.
It is understood that RBS could have picked up 20 million shares at $4 each but that window of opportunity has passed with shares yesterday rising more than 3 per cent to $3.98.
Genting’s Singapore operation sold 39.6 million Echo shares last month at $3.99, but Genting’s Hong Kong operation, which owns a 4.2 per cent stake in Echo, said it still intended to lift its stake above 10 per cent if permitted by the NSW Independent Liquor and Gaming Authority.
The authority has revealed for the first time that Genting is seeking permission to lift its stake to 25 per cent – matching Crown’s application.
The regulator has asked for submissions on Genting’s suitability to be associated with the owner of Sydney’s The Star casino.
This story Administrator ready to work first appeared on Nanjing Night Net.