ll legal proceedings between PAGCOR and the company have been or are being dismissed.
The two new licenses:
(i) Are valid through June 2027;
(ii) Pay a gaming tax of 30%; and
(iii) Have an investment requirement of us$ 30 million in each property.
The group will now focus on obtaining approval from PAGCOR for the us$ 52 million equity funding from Solar Entertainment Corporation that was announced in August 2011, which includes significant allocations for debt pay down, funding of our investment commitments, and funding of projects in our development pipeline.
Election of Directors
On June 22, 2012, at the Group’s Annual General and Special Meeting of shareholders held in Manila, Philippines, Salomon Guggenheim, Douglas Vicari, Reto Stadelmann, Roberto de Ocampo, Albert W. Atallah and Jack Mitchell were elected as Directors for one year terms.
Reto Stadelmann is new to the board of directors and brings substantial experience from the finance sector as former Co-Head of Global Foreign Exchange & Money Market for UBS AG from 2003 to 2009 and Co-Head of Global Macro for UBS AG from 2009 to 2010. He currently manages his own capital.