26 Capital Acquisition today announced that the shareholder meeting to vote on its proposed merger with Phillipines casino operator Okada Manila has been postponed in the wake of a criminal investigation instigated by the casino’s parent company, Universal Entertainment Corporation, against Okada founder Kazou Okada and others.
“We have postponed the record date and the special meeting of 26 Capital’s stockholders and expect these dates to be rescheduled shortly,” 26 Capital Chairman and CEO Jason Ader said.
Universal Entertainment, the parent company of Tiger Resort, Leisure and Entertainment (TRLEI) — has also delayed a listing on the Nasdaq by three months until Sept. 30.
Okada Manila is to be listed on the stock exchange through a merger with 26 Capital, which was announced last October. June 30 was the original target date for the merger completion and Nasdaq listing.
Earlier this month, TRLEI announced that it would file criminal charges after a number of people – allegedly led by Okada founder Kazou Okada – “violently entered and occupied” its Okada Manila resort.
Before this, TRLEI filed a motion for the Second Division of the Supreme Court of the Philippines to reconsider a “status quo” order, which saw Kazou Okada removed from his roles within the company in 2017 due to what the business called a “misappropriation” of funds. Read more.
