Capital Leisure & Entertainment Pty Ltd entered into an agreement to acquire Aquis Canberra Pty Ltd from Aquis Entertainment Limited (ASX:AQS) for AUD 52 million on May 12, 2022. The transaction price is based on a debt and cash free basis. The Transaction is subject to limited conditions precedent, being ACT Government casino and liquor licencing regulatory approvals, any consents required for the change of control of Casino Canberra's casino licence, and Aquis obtaining shareholder approval. The shareholder meeting is expected to be held in late July or August 2022. As part of this review Aquis is also considering using the proceeds from the Transaction to repay some or all of the convertible loan between the Company and its major shareholder Aquis Canberra Holdings Pty Ltd (the loan has a current outstanding balance of approximately AUD 33 million as at 30 April 2022 with a maturity date of August 2024) and the possibility of a shareholder dividend or distribution. As of July 6, 2022, Aquis entered into an amending deed with the Oscars Group (Oscars) for the sale of Aquis Canberra Pty Ltd for AUD 58.2 million, the terms of which also included a break fee of AUD 1 million payable by Aquis if a superior proposal is subsequently accepted and completes. As of December 20, 2022. Cconditions precedent to completion of the share purchase agreement between Aquis and Iris announced to the ASX on 11 July 2022 and approved by shareholders at the general meeting held on September 15,2022. Have been satisfied. Completion is expected to occur in the coming days.

Gilbert and Tobin acted as legal advisor and Grant Samuel Group Limited acted as financial advisor for Aquis.
On completion, Aquis received AUD 60,500,000 as a completion payment and additional AUD 2.5 million of cash is being held in escrow and will be released to Aquis in 9 months from completion, subject to there being no warranty claims.

Capital Leisure & Entertainment Pty Ltd completed the acquisition of Aquis Canberra Pty Ltd from Aquis Entertainment Limited (ASX:AQS) on January 1, 2023.