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- Release Date: 23/04/14 10:30
- Summary: GENERAL: MCK: Update regarding proposed listing of First Sponsor Group
- Price Sensitive: No
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MCK
23/04/2014 08:30
GENERAL
REL: 0830 HRS Millennium & Copthorne Hotels New Zealand Limited
GENERAL: MCK: Update regarding proposed listing of First Sponsor Group
In the offer document for our recent rights issue of non-voting preference
shares, we mentioned that our associate company First Sponsor Capital Limited
was considering undertaking an initial public offering and listing of
ordinary shares ("Shares") in the share capital of its principal operating
subsidiary, First Sponsor Group Limited ("FSGL") on the Singapore Exchange
Securities Trading Limited (the "Singapore Exchange") (the "Proposed FSGL
IPO").
The Singapore Exchange has now issued its eligibility-to-list letter ("ETL
Letter") for the Proposed FSGL IPO. It is important to appreciate that this
is only one of a number of requirements that need to be met to enable the
Proposed FSGL IPO to proceed. In particular, it does not mean that any offer
document for the Proposed FSGL IPO has been registered (or will definitely be
registered), nor that the Proposed FSGL IPO will definitely proceed. It is
simply a preliminary step in the process towards a listing of FSGL.
If the Proposed FSGL IPO is to proceed, it is likely that the listing would
occur in the third quarter of this year.
The ETL Letter from the Singapore Exchange is not to be taken as an
indication of, among others, the merits of the Proposed FSGL IPO, FSGL, its
subsidiaries, FSGL's existing Shares or any new FSGL Shares to be issued in
connection with the Proposed FSGL IPO.
In connection with the Proposed FSGL IPO (and as mentioned in the offer
document for our recent rights issue), MCK is considering undertaking a
return of capital whereby MCK's investment in FSGL would be returned to our
shareholders (the "Proposed Capital Return").
MCK wishes to emphasise that no decision has been made as to whether (or
when) the Proposed Capital Return will take place and there currently is no
certainty that the Proposed FSGL IPO will proceed (or as to its timetable).
.
The Proposed FSGL IPO will be subject to, among other things, financial
market conditions, the receipt of all requisite regulatory and other
approvals, as well as the evaluation of all relevant considerations. Further
announcements will be made by MCK in the event of any further material
developments in relation to the Proposed FSGL IPO or the Proposed Capital
Return.
ENDS
Enquiries:
Millennium & Copthorne Hotels New Zealand Limited
(09) 353 5058
Takeshi Ito
Group Company Secretary
End CA:00249701 For:MCK Type:GENERAL Time:2014-04-23 08:30:42
