Share
- Release Date: 24/03/14 13:23
- Summary: RIGHT: MCK: MCK completes successful RPS issue
- Price Sensitive: No
- Download Document 1.88KB
MCK
24/03/2014 11:23
RIGHT
REL: 1123 HRS Millennium & Copthorne Hotels New Zealand Limited
RIGHT: MCK: MCK completes successful RPS issue
24 March 2014
MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND COMPLETES SUCCESSFUL ISSUE OF
REDEEMABLE PREFERENCE SHARES
Millennium & Copthorne Hotels New Zealand Limited (NZX:MCK) is pleased to
announce it has raised $111.77 million from its offer of redeemable
preference shares which closed on 19 March 2014.
Under the offer, MCK shareholders were entitled to acquire one new redeemable
preference share for every two ordinary shares they currently held.
As described further in the simplified disclosure prospectus for the offer,
the proceeds of the capital raising will be used to invest further in MCK's
associate company First Sponsor Capital Limited (which undertakes property
development in China), to repay some of MCK's current banking facilities and
to fund some of its proposed hotel refurbishment work.
MCK's majority shareholder, Millennium & Copthorne Hotels plc, subscribed for
its full entitlement to preference shares under the offer and has also
subscribed for additional preference shares under the oversubscription
facility.
The offer was oversubscribed (through the oversubscription facility) by
15.5%. As the offer was oversubscribed, scaling is required on applications
under the oversubscription facility and will be conducted on the basis
outlined in the simplified disclosure prospectus.
The new redeemable preference shares will be allotted to shareholders after
the close of trading today and are expected to be available for trading on
Tuesday 25 March on the NZX Main Board under the MCKPA ticker code.
ENDS
Issued by Millennium & Copthorne Hotels New Zealand Ltd
Any inquiries please contact:
B K Chiu
Managing Director
Millennium & Copthorne Hotels New Zealand Ltd
(09) 353 5058
End CA:00248614 For:MCK Type:RIGHT Time:2014-03-24 11:23:12
