London Clubs International, the debt-laden casino operator, is to sell the Emerald Safari and Resort Casino in South Africa to meet its pledge to repay £100m by September next year.

Shareholders are desperate for management to meet the pledge because rival casino operator Stanley Leisure has been courting LCI's main lender, the Bank of Nova Scotia, in the hope it can force through a takeover deal at no premium to LCI shares.

One industry insider said the Emerald, in South Africa, could be sold for about £35m, including a £15m debt.

Added to proceeds from the sale of two London casinos - 50 St James and Palm Beach - the sale of the Emerald is expected to form the last element in LCI's disposal programme. The company may also decide to retain a stake in the Emerald.

LCI is understood to have had approaches from several suitors from Britain and overseas for the two London casinos. It said this sale process was "progressing well".

The more upmarket 50 St James has a book value of £55m including a freehold value of £20m. Mid-market Palm Beach casino is expected to fetch a fraction of this price but LCI is confident it will cover more than half of next year's debt repayment through the two London casino sales.

This month Stanley approached LCI with a 25p a share offer proposal, including plans to pay off 90% of the company's net debt which at the end of September stood at £224m. LCI chairman Michael Beckett again dismissed this offer yesterday as "absurd".

Chief operating officer Barry Hardy denied that LCI's tough debt repayment requirements placed the board in the thrall of the Bank of Nova Scotia. He said: "Banks always set very demanding targets knowing you won't meet them all as a way of getting you back to the negotiating table." Mr Hardy said LCI was "very confident" of meeting the £100m repayment commitment.

He was speaking after LCI posted underlying pre-tax profits for the six months to October of £2.6m compared with a loss of £14.7m for the same period the previous year. Among exceptional items was a £2m bill for advisers who negotiated the restructuring of LCI's debt in July.

LCI reported an improved win percentage at its London casinos, particularly Les Ambassadeurs where takings had been dented by a number of high rollers last year.