LOLC Leisure announces  amalgamation plan

LOLC Leisure yesterday announced that shareholders of Riverina and Palm Garden Hotels had at an EGM held last Monday approved a special resolution to amalgamate the two properties.

Trading of Riverina will be suspended from September 25 until the amalgamation with Palm Garden is completed and Riverina will then cease to exist as a company.

Riverina shareholders will receive one Palm Garden share for every two Riverina shares held and the number of Palm Garden shares will increase from 7.2 million to 14.29 million, the announcement said.