Ann: PROSPECT: MCK: MCK: $112 million rights offe

• Release Date: 17/02/14 17:17
• Summary: PROSPECT: MCK: MCK: $112 million rights offering for RPS
• Price Sensitive: No
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					MCK
17/02/2014 15:17
PROSPECT

REL: 1517 HRS Millennium & Copthorne Hotels New Zealand Limited

PROSPECT: MCK: MCK: $112 million rights offering for RPS

17 February 2014

MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LAUNCHES $112 MILLION RIGHTS
OFFERING FOR REDEEMABLE PREFERENCE SHARES

Millennium & Copthorne Hotels New Zealand Limited (NZX:MCK) today announced
that it has registered a simplified disclosure prospectus today for an offer
of redeemable non-voting preference shares.

Under the Offer, Eligible Shareholders are entitled to acquire 1 redeemable
non-voting preference share for every 2 Ordinary Shares held as at 5.00pm on
the Record Date (26 February 2014), at the Issue Price of $0.64 per
Preference Share.

The Preference Shares will:

--rank equally with MCK's Ordinary Shares for distributions (including the
payment of dividends);
--not have voting rights (other than in certain limited circumstances);
--have a preference over the Ordinary Shares on a liquidation of the Company;
and
--be quoted on the NZX Main Board.

MCK's Chairman Mr. H R Wong said that the Company hoped to raise a maximum of
approximately $112 million through the Offer.  He said that the purpose of
the capital raising was to invest further in MCK's associate company First
Sponsor Capital Limited (which undertook property development in China) repay
some of the Company's current banking facilities and to fund some of its
proposed refurbishment work.  Mr. Wong said that the Board recommended that
shareholders read the simplified disclosure prospectus for further details of
the Offer.

MCK's majority shareholder, Millennium & Copthorne Hotels plc, had confirmed
that it would subscribe for its full entitlement to Preference Shares under
this Offer

Shareholders' rights to subscribe for Preference Shares are renounceable and
the rights will be quoted on the NZX Main Board, allowing shareholders to
sell their rights that they choose not to take up.  Shareholders could also
choose to purchase additional Rights on market and subscribe for the
Preference Shares to which those Rights relate, and to subscribe for
additional Preference Shares in excess of their pro rata entitlement via the
oversubscriptions facility.

The key dates for the Offer are:

ACTIVITY DATE (2014)
--Announcement of the Offer = 17 February
--Ordinary Shares are quoted "ex-rights" on the NZX Main Board = 24 February
--Trading of Rights commences and Rights are able to be bought and sold
(subject to supply and demand) on the NZX Main Board = 24 February
--Record Date for determining Rights for Preference Shares = 26 February,
5.00pm
--Expected mailing date of Entitlement and Acceptance Forms (together with
Offer Document) to Shareholders = 3 March
--Offer opens = 3 March
--Trading of Rights ceases on the NZX Main Board  = 13 March, 5.00pm
--Closing Date for receipt of Entitlement and Acceptance Forms (together with
Application Monies) = 19 March, 5.00pm
[All unexercised Rights will lapse as at 5.00pm on the Closing Date]
--Allotment of Preference Shares under the Offer = 24 March
--Preference Shares commence trading on the NZX Main Board 25 March
--Mailing of allotment notices for Preference Shares under the Offer = 31
March
--Expected date of next dividend to be paid in respect of Ordinary Shares and
Preference Shares = 16 May

IMPORTANT NOTICE
An application has been made to NZX for permission to quote the Rights and
the Preference Shares on the NZX Main Board and all requirements of NZX
relating thereto that can be complied with on or before the date of this
announcement have been duly complied with.

ENDS

Issued by Millennium & Copthorne Hotels New Zealand Limited
Enquiries to: B K Chiu (Managing Director) / Takeshi Ito (Group Company
Secretary)
(09) 353 5058
End CA:00247074 For:MCK    Type:PROSPECT   Time:2014-02-17 15:17:29