IAS Forms Special Sub-Committee

Australian online gaming and wagering provider International All Sports (IAS) Limited has convened a board sub-committee to assess the firm’s options following the failed takeover attempt by rival CentreBet International Limited.

The sub-committee comprises Barry Coulter, Chairman for IAS, alongside John Nugent, Company Secretary, and Peter Woodhead, an independent director for the Melbourne-based firm.

In addition, IAS has appointed the former Chairman of the National Companies And Securities Commission, Henry Bosch from corporate law firm Norton Gledhill and Credit Suisse (Australia) Limited to assist with its deliberations.

CentreBet announced in February that it was hoping to take over IAS at 28 cents per share rising to 33 cents if it achieved an acceptance rate of at least 90 percent. However, a Takeovers Panel decision crushing the deal saw CentreBet announce last month that it would not be proceeding with the offer.

In the meantime, unlisted online sportsbetting operator Sportsbet Party Limited has slowly increased its stake in IAS to 18.49 percent, leading many to hypothesise that a new deal could soon be in the works. Darwin-based Sportsbet is run by Matthew Tripp, son of bookmaker and Coburg Football Club celebrity Alan Tripp, and is one of the biggest players in Australia’s horseracing industry.

“Since the start of 2009, the IAS share price has more than doubled,” said Coulter.

“The Board of IAS is committed to maximising shareholder returns and is proactively preparing the company for any transactions that may eventuate as a result of the recent trading in the shares in IAS.”