September 14, 2009 01:26 ET

Beneficial Holdings Inc. Complies With All Formalities and Sets Deadlines Relating to Its Takeover Offer for Thunderbird Resorts

LAS VEGAS, NV--(Marketwire - September 14, 2009) - Beneficial Holdings, Inc. (PINKSHEETS: BFHJ), a casino investment and management holding company, today announced that it complied with all formalities required by the Netherlands Authority for the Financial Markets and the Netherlands Financial Services Act, including the Dutch Takeover Decree, and is moving forward with its due diligence and discussions regarding the previous announcement to purchase the ordinary shares of Thunderbird Resorts, Inc., (TBIRD) for $2.12 and one share of BFHJ stock for each ten shares of TBIRD stock if TBIRD's board of directors recommended its shareholders approve the proposal.

Beneficial passed a corporate resolution on September 11, 2009, setting firm deadlines to comply with section 7(1) of the Takeover Decree. Specifically, Beneficial set the date of October 7, 2009, as the latest time that it will announce the results of its due diligence and imminent discussions with TBIRD management. On or before October 7, 2009, Beneficial will affirmatively state whether it intends to submit a request for approval of an offering document to the Netherlands Authority for the Financial Markets no later than January 5, 2010, or if it will choose not to make the announced offer to Thunderbird shareholders.

Beneficial believes that the price of $2.12 for each share of TBIRD stock, along with one BFHJ share for each ten shares of TBIRD stocks, is fair and adequate considering TBIRD's share price and financial statements. BFHJ believes that providing one share of BFHJ stock for every ten TBIRD shares will give TBIRD owners an equity interest while not significantly diluting the common shares of BFHJ stock. That is, approximately 2,000,000 new shares of BFHJ would need to be issued.

This press release does not constitute an offer of any securities for sale. It contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements involve risks and uncertainties that could cause actual results to differ. All statements in this press release are based on information available as of the date hereof, and the company undertakes no obligation to update any statement to reflect events or circumstances occurring after the date of this press release.

Contact Information

  • Contact:
    Investor Relations
    Beneficial Holdings
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    (702) 522-1527