MCK
10/07/2014 12:00
ASSET
REL: 1200 HRS Millennium & Copthorne Hotels New Zealand Limited
ASSET: MCK: MCK: Acquisition of remaining shares in Quantum Ltd
ACQUISITION OF REMAINING SHARES IN QUANTUM LIMITED
Millennium & Copthorne Hotels New Zealand Limited (NZX:MCK) advises that it
has today entered into a conditional agreement with Te Maori Lodges Limited
(TML), a subsidiary of the Maori Trustee, for the acquisition of the 30%
interest in Quantum Limited (Quantum) which MCK does not already own.
Quantum is the principal operating subsidiary of MCK and owns or leases seven
hotels including Millennium Hotel Queenstown, Copthorne Hotel Rotorua and
Kingsgate Hotel Dunedin.
The price agreed for the acquisition of the shares is $14.25 million in cash.
Completion of the purchase is subject to approval by the Overseas Investment
Office and is expected to occur 10 business days after that approval is
obtained.
Completion of the acquisition will end a business relationship between MCK
and the Maori Trustee that began in 1993.
MCK's Managing Director, Mr. B K Chiu, thanked the Maori Trustee, Jamie
Tuuta, and his staff for their contribution to the development of Quantum and
its operations.
"The Maori Trustee has been a valued business partner with MCK for over
twenty years. We understand that their interests now lie in fields outside
tourism and hospitality and we wish them well in their future business
endeavours", he said.
ENDS
Enquiries:
Millennium & Copthorne Hotels New Zealand Limited
(09) 353 5058
BK Chiu / Takeshi Ito
Managing Director / Group Company Secretary
End CA:00252613 For:MCK Type:ASSET Time:2014-07-10 12:00:00
