After months of negotiations, the NSW gaming regulator ILGA has come to a deal with James Packer which is believed to prohibit him from voting his 37 per cent stake on almost all issues relating to his casino empire Crown Resorts.
ILGA has yet to release the details of its agreement but such an outcome would be in keeping with concerns raised by Commissioner Patricia Berginduring the inquiry into the gaming giant.
It is believed that the major concession allowed under the agreement is that Packer’s private company, Consolidated Press Holding (CPH), will be able to keep its 37 per cent stake and to vote on any matters which go to trading those shares.
Thus Packer would be able to vote on any takeover proposal put by Crown to sell to another party via a scheme of arrangement – effectively giving him control of the company’s future ownership.
Source: https://ift.tt/3e2WnFv
