HEDLEY Leisure and Gaming's future may be decided at a crucial board meeting on Thursday.
Speculation over the hotel property trust's future heightened last week when it told the Australian Securities Exchange it had received approaches about buying all or part of it.
Any offers, reportedly involving the Laundy family and rival pub owning group ALE, are likely to be the major topic on the meeting agenda.
"There’s no decision yet but we need to do something," chairman Colin Henson told The Cairns Post yesterday.
HLG has been under the microscope in the past month since its shares plummeted and the ASX has questioned some of its activities.
Since listing on the ASX last August at $3.50, HLG stocks have plunged and yesterday ended the day at 89c, after a slight rally.
Further fuel was added to the speculation about HLG’s future yesterday when it was confirmed deals to buy three pubs on Thursday Island, the Grand, the Royal and the Torres Strait, were up in the air with HLG yet to settle on contracts.
A report in The Australian said it was likely the Royal would be knocked down and replaced with a resort.
HLG's largest investor, Tom Hedley, is reported to have contracts to buy the businesses at the three hotels.
The group has agreed to sell two of its 100 pubs for $25 million and appointed corporate and legal advisers to look at offers for the possible sale of all or part of its business.
Further concerns about the Hedley hotel and construction empire have been raised locally with Tom Hedley’s "Hedley Private" company selling the management rights to two Cairns apartment complexes, Marquis on Grafton and Vue at Trinity Beach.
Hedley development manager David Row said selling the rights was always their plan.
Tom Hedley could not be contacted for comment this week.
Copyright: The Cairns Post
