26 Capital Acquisition in a regulatory filing said it and merger partner Tiger Resort Asia and UE Resorts International (fka Okada Manila International) agreed to waive rights to terminate the merger and share acquisition agreement until Oct. 1.
In addition, 26 Capital agreed that Kazuo Okada, founder of the Phillipines casino to be acquired, as well as “certain other individuals” would not be deemed to be representatives of the UE Resorts for certain purposes under the merger and share acquisition agreement.
This move follows an announcement by the SPAC two weeks ago that its shareholder meeting to vote on the proposed merger has been postponed in the wake of a criminal investigation instigated by the casino’s parent company, Universal Entertainment Corporation, against Kazou Okada and others.
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 the SPAC merger, which was announced last October. \
Today 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 Kazou Okada – “violently entered and occupied” the Manila resort.
Before this, TRLEI had filed a motion for the Second Division of the Supreme Court of the Philippines to reconsider a “status quo” order, which saw Okada removed from his roles within the company five years ago due to what the business called a “misappropriation” of funds. Read more.
