On 3 August 2005 the Board of Directors of BIL International informed shareholders that the company had received a mandatory conditional cash offer by High Glory Investments Limited. Formerly known as Brierley Investments Limited the company was established in New Zealand in 1961 but moved its primary stock exchange listing to Singapore in 2000 and three years later took over complete control and the delisting of the Thistle Hotels group. The mandatory offer for BIL, triggered by takeover regulations when Hong Kong’s Guoco Group took its BIL stake above 30%, is said by analysts as not wanted to succeed by Guoco, and the cash bid is for less than the present trading price of the shares.

BIL has reported a net profit for the year to June of just under US$87 million for its London Thistle Hotels group, and is planning to pay higher dividends to shareholders, up 1 Singapore cent from last year. The company’s profits have been increased by the sale of 6 hotels and the disposal of other foreign investments. There are 49 Thistle Hotels in the UK including 20 in London.

At the end of April it was reported that BIL International is planning for casinos at several of its sites in the Thistle Hotels chain and the former managing director of Stanley Leisure’s casino division was appointed to manage BIL’s UK gambling business. The licensing application process is presently ongoing. (E-08.15.05)

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