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Could be the shortest ever takeover discussion on ASX history? Wynn citing "preliminary deal was revealed prematurely" and that "it has terminated all discussions with Crown concerning any

transaction"

 

SP down 8.11% currently @ $12.91 - hopefully some took advantage of yesterdays spike

 

Notable short alert yesterday

Tue 9th Apr, 2019 3,841,588 677,158,271 0.56% 12,738,591 30.16%

https://www.shortman.com.au/stock?q=cwn

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Someone was gambling alright,......

 

Crown's secret attempt to start a bidding war

Within hours of the release of Tuesdayâââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’¢Ã¢Ã¢â€š¬Ã…¾Ãƒâ€šÃ‚¢s statement by James Packerâââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’¢Ã¢Ã¢â€š¬Ã…¾Ãƒâ€šÃ‚¢s Crown Resorts that US casino giant Wynn Resorts was proposing to buy the Australian gaming group, investment bankers were on the phone to other potential suitors saying an offer of $15.50 could seal the deal.

 

Crown was clearly looking to start a bidding war, but it needed other buyers in the room

https://www.smh.com.au/business/companies/c...410-p51csn.html

 

ASIC to investigate leak

Australia's corporate watchdog will investigate whether an information leak caused the share price of Crown Resorts to spike significantly before it could officially disclose to the market that it was being courted by an American casino giant.

 

Crown paused trading on Tuesday morning after news of the potential takeover was reported in the media and its share price closed 19.7 per cent higher after it confirmed the $10 billion bid from Wynn Resorts.

 

But there are concerns that some traders were aware of the confidential talks between the two parties ahead of time and acted on that information.

 

"The issue is that a very large number of shares were traded in that short interval when there was clearly a leak to the market, and that's effectively insider trading," Mike Robey from the Australian Shareholders' Association told 7.30

 

The Australian Securities and Investments Commission has confirmed it is investigating the trades..

https://www.abc.net.au/news/2019-04-10/why-...siness/10990200

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Looks like the media are going all out on CWN - The Age/SMH carrying this article - CROWN UNMASKED - Gangsters, gamblers and Crown casino: How it all went wrong

 

https://www.theage.com.au/business/companie...725-p52aqd.html

 

60 Minutes running a "major investigation" on Sunday - https://twitter.com/60Mins?lang=en

 

How lucky was James Packer who recently sold a slice (half) of his CWN holdings for $1.76 billion - $13/share. SP currently $12.67. What will it be come Monday? Short positions as at 22/7/19 = 1.86%

https://www.shortman.com.au/stock?q=cwn

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Just finished viewing 60Minutes.

 

Action around CWN shares should get interesting tomorrow - gotta be a strong short if one can borrow any.

 

The current shareholder class action just got easier.

 

Federal Government Ministers alleged involvement

 

Former Australian Border Force chief Roman Quaedvlieg has claimed that two federal ministers and one backbencher had lobbied the force, asking it to make it easier for Chinese high rollers to enter Australia on private jets despite agency warnings about some passengers.

 

https://www.theage.com.au/business/companie...726-p52b2s.html

 

Could their licence be at risk? Should be but probably won't be.

 

Directors asleep at the wheel - have to be some heads rolling.- https://www.crownresorts.com.au/About-Us/Board-of-Directors

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Christian Porter has referred allegations to Australian Commission for Law Enforcement and Integrity - no politicians who may have acted unlawfully will however be investigated. :rolleyes:

 

Nonetheless, CWN's shares have responded to this news - down 2.61% @ $11.94 currently. Daily chart shows the drop when the market became aware of the investigation

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The Herald, Age and 60 Minutes respond to Crown Resorts

In an advertisement submitted for publication to media organisations on Wednesday, the board of Crown Resorts sought to set âââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’…âہ“the record straight in the face of a deceitful campaign against Crownâââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’‚ÂÂ.

 

The Age and Sydney Morning Herald declined to run the advertisement. A response to Crown's claims is included below.

https://www.theage.com.au/business/companie...731-p52cob.html

 

Crime agency reveals a major investigation into organised crime at casinos

Australiaâââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’¢Ã¢Ã¢â€š¬Ã…¾Ãƒâ€šÃ‚¢s peak criminal intelligence agency has announced a sweeping investigation into organised crime in Australian casinos amid revelations about Crown Resorts' dealings with junket operators with links to suspected Chinese crime bosses and foreign influence agents.

 

The Chief of the Australian Criminal Intelligence Agency, Michael Phelan, told The Age and Sydney Morning Herald on Wednesday that investigators across state and federal police and intelligence agencies have uncovered damning âââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’…âہ“insights into vulnerabilities ... within casinos located in Australiaâââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’‚ÂÂ.

 

Mr Phelan announced that his inquiry, known as the Targeting Criminal Wealth special investigation is probing the operation of agents known as junkets who are responsible for bringing high roller clients into casinos, usually from offshore, to gamble.

https://www.theage.com.au/business/companie...731-p52cnp.html

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More allegations today - Crown investment companies were used to launder drug funds, authorities believe

 

Drug traffickers have used two private companies which were set up by Crown Resorts with Crown executives as directors to bank suspected proceeds of crime, federal investigations have alleged.

 

Investigators traced money from a number of suspected or convicted drug traffickers and money launderers flowing into the bank accounts of the two companies, Southbank Investments Pty Ltd and Riverbank Investments Pty Ltd, between 2012 and 2016, according to former officials.

 

In 2013, global bank HSBC shut down bank accounts linked to Riverbank and Southbank at a time it was shedding high-risk bank accounts around the globe because it had been caught by US authorities washing drug money for Mexican cartels. The Crown companies opened Commonwealth Bank accounts instead.

 

Read more - https://www.theage.com.au/business/companie...805-p52e1u.html

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NSW watchdog to probe sale of Packer's Crown stake

Billionaire James Packerâââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’¢Ã¢Ã¢â€š¬Ã…¾Ãƒâ€šÃ‚¢s sale of $1.76 billion of shares in Crown Resorts to Hong Kong gambling tycoon Lawrence Ho is under a cloud as the New South Wales gambling watchdog launches an independent probity investigation that will examine the casino giantâââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’¢Ã¢Ã¢â€š¬Ã…¾Ãƒâ€šÃ‚¢s links to Chinese criminals.

 

On Thursday night, the state's Independent Liquor and Gaming Authority announced it had served Crown with compulsory orders seeking documents and information and had appointed former Supreme Court judge Patricia Bergin SC to conduct the inquiry.

 

The inquiry will be conducted in public.

 

If an adverse finding is made against Crown, or Mr Ho, it could have serious consequences for the company. It's highly unlikely that, under those circumstances, the sale of Mr Packer's shares could be allowed to proceed, even if other state jurisdictions were happy for the sale to go ahead.

read more - https://theworldnews.net/au-news/nsw-watchd...r-s-crown-stake

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