CBX.L Regulatory News (CBX)

3 Mar 2006 13:00

Cubus Lux plc03 March 2006 Cubus Lux plc ("Cubus Lux" or the "Company") Amendment to announcement 2735Z Dealings will commence at 8.00am on 6 March 2006 and not as stated previously at8.00am today. Admission to AIM Cubus Lux is pleased to announce, that following, inter alia, the acquisition of Plava Vala d.o.o, the placing of new ordinary shares and the passing of theresolutions at the Extraordinary General Meeting of the Company held on 3 March2006, the enlarged issued share capital of the Company has been admitted totrading on the Alternative Investment Market of the London Stock Exchange. Dealings will commence at 8.00am on 6 March 2006. The number of ordinary shares in issue is 67,352,001. For further information please contact: Gerhard Huber, Executive Chairman, Cubus Lux plc: 020 8816 7088Oliver Cairns / Romil Patel, Corporate Synergy Plc: 020 7448 4400 Notes to Editors Cubus Lux plc currently operates three casinos in Croatia, where it is thesecond largest casino operator. Whilst the Directors believe there is furtheropportunity for the Company to grow in the casino market in Croatia, they havefelt for some time that the Company needs to expand into other tourism andleisure sectors. This has resulted in the acquisition of Plava Vala, which ownsa licence to build and operate a marina under the brand name Olive IslandMarina, on the island of Uglijan, Croatia. On 19 July 2005, Gerhard Huber was appointed Executive Chairman of the Company,bringing with him 4 years' experience of tourism and leisure in Croatia. He andChristian Kaiser, the Proposed Director, have been involved with the developmentof Plava Vala for 3 years. Cubus Lux's strategy is to become the pre-eminent tourist and leisure businessin Croatia. The Directors intend to achieve this through: • the development of the existing and future marinas; • undertaking junket marketing initiatives to increase the profitability of theCompany's casinos, which if successful, will lead to the opening of furthercasinos in the future; and • identifying other leisure opportunities such as hotels and golf courses. TheDirectors have already begun to work on a proposal to establish one of the firstgolf resorts in Croatia. A 220 hectare site has been identified and theDirectors anticipate the expected project will encompass two 18 hole golfcourses, a village with approximately 300 apartments and 100 golf chalets and ahotel with approximately 300 room. Approximately €400,000 of the proceeds of thePlacing will be used to progress the development of this golf resort. The Directors and the Proposed Director believe that their collective experiencein the tourist and leisure industry, combined with skills in the areas offinance and management, provide a solid platform to implement the Company'sbusiness strategy successfully. This information is provided by RNS The company news service from the London Stock Exchange