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AAD:

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ARDENT LEISURE GROUP ANNOUNCES CORPORATISATION AND RESTRUCTURE PROPOSAL ​

Ardent Leisure Limited and Ardent Leisure Management Limited in its capacity as responsible entity of the Ardent Leisure Trust (together, Ardent Leisure Group) (ASX: AAD) today announces a proposal for the corporatisation of the Ardent Leisure Group which will involve a new company called Ardent Leisure Group Limited (NewCo) becoming the single head entity of the Ardent Leisure Group in place of the current stapled structure (the Proposal).
This announcement follows the completion of an assessment by Directors of Ardent Leisure Group of the merits of the current stapled structure and whether an alternative structure may provide better strategic alignment with the Australian and US businesses.
Subject to satisfaction of all conditions precedent (see below) the Proposal will be implemented by way of an inter-conditional scheme of arrangement of Ardent Leisure Limited and trust scheme of the Ardent Leisure Trust.
Under the Proposal:

 there will be no change to eligible securityholders* ownership levels;
 eligible securityholders* will hold shares in NewCo (instead of their current stapled securities in Ardent Leisure Limited and the Ardent Leisure Trust); and
 there will be no capital raising or return of capital and eligible securityholders will not be required to pay any cash consideration.
Following implementation of the Proposal, the Ardent Leisure Group also intends to undertake a solvent restructure which will align the group’s structure to its two business divisions, Australian Theme Parks and US Entertainment Centres (the Restructure).


this suggests a "spinning out" of DW from the "US growth" assets .......

this will put a market price on MW et al .......

rgds
V_H