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Destination Leisure Holdings Pty Ltd

Destination Leisure Holdings Pty Ltd

COMPANY OVERVIEW

Destination Leisure Holdings Pty Ltd has recently acquired a property at Torquay Victoria which was formerly a Peppers Golf Resort. The Torquay property was closed upon acquisition and is in the process of a major refurbishment program and planning to re-open in November/2021.

DLH have secured a banking facility for the acquisition of the property.

DLH have raised $3,816,000 in convertible notes to assist with the acquisition of the property and the refurbishment of the property.

DLH wish to raise $3.0million of fresh convertible notes to repay some outstanding convertible notes. Following the raising of the $3.0million of fresh convertible notes there will be $5.0million in total of convertible notes on issue.

The Torquay property is to be known as The Sands Torquay to be managed by Belgravia Leisure.

 

PROPOSED TRANSACTION

- Total Offer $3.0 million of Convertible Notes

- Coupon of 8% per annum, payable quarterly

- Convertible discount of 20% to valuation. 

- Term – 18 months from completion of capital raising.

 

INVESTMENT HIGHLIGHT

  • The acquisition and refurbishment of The Sands Golf Resort, Torquay, Victoria.
  • The property contains an A grade 18 hole golf course,112 room hotel with extensive conferencing facilities, restaurant and bar, health club with gymnasium and indoor swimming pool.
  • The property was formally known as Peppers, The Sands, Torquay.
  • The property was acquired by Destination Leisure Holdings Pty Ltd who have undertaken a $4.754million refurbishment program and is projected to re-open in late November 2021.
  • Belgravia Health & Leisure Group Pty Ltd have been appointed under a 10-year Management Agreement.
  • A Valuation “on completion” of refurbishment has been completed, Valuing the property at $35.00million (for mortgage security purposes).
  • The Valuation is based on a three (3) year rolling average EBITDA of $3.30million.
  • A first mortgage debt facility of $25.00million is in place with CBA.
  • There is currently $2.00million of Convertible Notes on issue and following this raising, there will be a total of $5.00million of Convertible Notes on issue.

More information:

Contact Ian Kilday, Director – Property Advisory – Novus Capital Limited ian.kilday@novuscapital.com.au or +61 411 875 363

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