In May 2008 Village Roadshow Limited (“VRL”) announced that it had entered into a conditional agreement to acquire “Aussie World” on the Sunshine Coast in Queensland.
Under the conditional agreement VRL has an option to acquire the land and business of Aussie World.
After extensive research, review and planning, VRL considers that when compared with other opportunities available, the potential returns do not justify the level of investment for the world class water park which would be required to deliver a significant destination site.
VRL announces that Directors have therefore resolved not to exercise their option to acquire Aussie World. There will be no material impact on VRL’s financial position or results.