DXB Entertainments reviewed the reports provided by the appointed independent experts, KYMG as the independent valuation specialist, Shuaa Capital as the financial advisor and Allen & Overy as the legal advisor in relation to the conditional cash offer received from Meraas Entertainment and Entertainment Company On December 20, 2020.

and according to Arabiyanet, citing the board of directors of DXY Entertainment, listed on the Dubai Market, that he believes that the terms of the offer are fair and reasonable in line with the company's current cash position and obligations, And the general economic situation in the near term.

yesterday, Tuesday, the Board recommended that the shareholders of the company accept the offer, attend the General Assembly on March 9, 2021 and vote in favor of the General Assembly decisions necessary for the purpose of implementing the offer.

and in the absence of any additional shareholder support, including Meraas, the current liquidity available to the company will likely be exhausted during the second quarter of 2021. < / p>

Therefore, the board of directors said that the offer protects the interests of the company and is the only viable path for shareholders to be able to recover value from their investments while also seeking to protect the interests of other stakeholders, Including employees, suppliers and visitors, according to Al Khaleej newspaper.

Today, Meraas, a holding company that owns several prominent projects across Dubai, launched an offer to acquire 100% of the common shares of the issued and paid-up capital of De XY Entertainments, in accordance with the terms of the offer, the shareholders of DXY Entertainment PJSC (excluding Meraas and its subsidiaries and its subsidiaries and Meraas Holding LLC) are entitled to receive AED 0.08 in cash for every share they own in DXY Entertainments. , Which represents a premium of 189% on the company's net assets per share, and the share value is AED 0.0277 as of December 31, 2020.

The company's shareholders' general assembly will be held on March 9, 2021, to consider matters related to the offer received from Meraas and approve it, if appropriate.

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In addition, given that the accumulated losses of the company as of December 31, 2020, about 7.815 billion dirhams exceeding half of its issued capital, the Board of Directors is in parallel with the current cash position Of the company, the liabilities and the current financial position - will present decisions regarding: (1) the continuation of the company in its activities as a going concern (only if the decisions related to the offer are passed); Or (2) dissolving the company (only if the decisions regarding the offer are not passed).

The losses for the year 2020 amounted to about 2.7 billion dirhams, and the losses for the year include 1.75 ...