MCK
10/07/2014 15:47
CAPREC
REL: 1547 HRS Millennium & Copthorne Hotels New Zealand Limited
CAPREC: MCK: FSGL IPO Price Finalised, High Court Approves Scheme
FSGL IPO Offer Price Finalised, High Court Approves Capital Reduction Scheme
--Finalisation of FSGL IPO Offer Price
MCK has today been advised by First Sponsor Group Limited (FSGL) that the
FSGL Board has set the offer price for its initial public offering of shares
ahead of its proposed listing on the Singapore Exchange (the FSGL IPO). The
price per share has been set at S$1.50 per share.
FSGL has advised MCK that the price has been set having had regard to current
market conditions and the demand under the book-build process.
The price is within the range of S$1.50 to S$1.60 per share as set out in the
FSGL Preliminary Prospectus. MCK's Board remains of the view that although
the final price is at the lower end of the indicated range, MCK shareholders
will not be materially impacted by the final price advised by FSGL.
--Finalisation of FSGL Prospectus
FSGL has today lodged its final prospectus for registration by the Monetary
Authority of Singapore. A copy of that prospectus is attached. In that
final prospectus, FSGL has finalised the size of its IPO - being a total of
34,050,000 shares (comprising 3,800,000 public offer shares and 30,250,000
placement shares). Concurrent but separate from the FSGL IPO, two
cornerstone investors have entered into cornerstone subscription agreements
with FSGL to subscribe for an aggregate of 9,750,000 new shares at the same
IPO price.
--High Court Approval
MCK is pleased to advise that the High Court has today approved MCK's capital
reduction scheme of arrangement (the Scheme).
The Scheme was also approved by MCK shareholders at a special meeting held on
19 June 2014.
Under the Scheme, for every 1,000 ordinary shares or preference shares held
by MCK shareholders, 698 shares will be cancelled and shareholders will
receive 327 shares in FSGL.
The Scheme remains conditional on the conditions set out in section 2.16(c)
of the scheme booklet for the Scheme.
--Next Steps
The Record Date is expected to be 6:00pm on Thursday, 17 July 2014.
A table summarising the key dates for the completion of the Scheme and FSGL
IPO are set out below:
Event : Date (expected)
--First date MCK shares trade on the NZX Main Board without an entitlement to
participate in the Scheme : 15 July 2014
--Expected Record Date/Effective Date for the Scheme : 6:00pm on 17 July 2014
--FSGL expected to list on the Singapore Exchange : 22 July 2014
ENDS
Enquiries:
Millennium & Copthorne Hotels New Zealand Limited
(09) 353 5058
Takeshi Ito
Group Company Secretary
End CA:00252625 For:MCK Type:CAPREC Time:2014-07-10 15:47:07
