NASDAQ listed VIP gaming room promoter, Asia Entertainment & Resources Ltd., announced that it may need to delay its planned listing on the Hong Kong Stock Exchange due to the sudden death of its sponsor’s principal at his home last weekend. The sponsor’s principal, or lead banker, is in charge of the overall execution of the project,
including the accomplishment of due diligence in accordance with the regulatory authorities’ guidelines. Failure to provide accurate information could lead to criminal liability for the sponsor and personal liability for the bank’s principal. The sponsor is said to be looking in to providing a replacement since, if the end of year deadline for the application is missed, the company will have to conduct a full year audit before listing. AERL works with five gaming room promoters at five VIP rooms in Macau and plans to do a listing by introduction in Hong Kong, whereby a company with shares listed on another exchange may, subject to regulatory approval, list shares on the Hong Kong Stock Exchange without being required to raise further capital or issue new shares.