In relation to this, DFNN wishes to inform the public that they received notice from JEST today, May 3, 2012, stating the following:
(1) In relation to the proposed stock swap and debt to equity conversion between DFNN and lEST, an independent valuation performed by the auditing firm Punongbayan & Araullo at lEST's request has found that the reasonable value of lEST is from Php 5.40 billion to Php 7.08 billion; and
(2) Based on the foregoing, the shareholders of lEST, as well as its Board of Directors voted to approve the proposed share swap and conversion of debt to equity at a price of Php 15.00 per share for DFNN in exchange for shares of lEST. After the swap and debt to equity conversion, DFNN will acquire the remaining 66.67% of the equity of lEST.
DFNN currently already owns 33.33% of JEST through its majority owned subsidiary Pacific Gaming Investment Pte. Limited.
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