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End of Buy-Back Signals Jupiters Frenzy12 April 2002AUSTRALIA – As reported by the Australian Associated Press: "Investors sought out Jupiters Ltd with almost 25 million shares traded in the casino operator as 19 years of trading restrictions ended. "The stock may now be freely traded after the gaming group completed the buyback of almost all its founding shares this week. "At the close of trading on Friday, 24.8 million Jupiters shares had been exchanged on the Australian Stock Exchange, worth $118.86 million (US$63.5 million), with the price dropping four cents to $5.02 (US$2.68). "It is now a whole new era for the Queensland gaming and hotel group after the Queensland government last month passed laws freeing up the restrictions on the company's shares. "…BI Gaming Corp, a wholly-owned subsidiary of US casino giant Park Place Entertainment Inc, has now offloaded its entire stake in the group. "Jupiters raised $190 million through the issue of Reset Preference Shares to fund the buy-back of half of Park Place's shares as well as half of the shares held by the other inaugural shareholder Commonwealth Superannuation Scheme/Public Superannuation Scheme (CSS/PSS). "Much of the market action was the 24 million Jupiters shares BI Gaming sold for $4.80 per share to institutional investors. CSS/PSS is retaining its 16 million shares…" |