Sky City Intends To Acquire Force Corporation

Wednesday, 14 February 2001, 4:44 pm
Press Release: Sky City

Australasian gaming and entertainment company Sky City Limited (Sky City), today announced its intention to acquire all of the shares of Force Corporation Limited (Force) at a price of 25 cents per share, following a 15 business day ‘notice and pause’ period.

The offer is conditional on acquiring 77,724,246 ordinary shares in Force (approximately 50.19%) from Francis Securities Limited pursuant to an agreement to be entered into on or after 8 March 2001. Following execution of that agreement, Sky City intends to make a general offer to all remaining Force shareholders by way of a stand in the market at the same offer price of 25 cents per share.

Sky City Managing Director, Mr Evan Davies, said, “Force Corporation jointly owns New Zealand’s leading cinema chain and the acquisition of a controlling interest in this business, should it proceed, is a logical extension of Sky City's gaming and entertainment business.

“We expect to generate synergies between the two businesses and to improve product offerings and marketing initiatives, particularly given the Force Entertainment Centre is just two blocks from Sky City’s Auckland complex.

“Sky City operates in a complementary business, and is a stable corporate entity with considerable financial and human resources at its disposal. On this basis, we are confident we will be able to make a significant contribution to Force in the future.”

Mr Davies said Sky City was making the 25 cents per share offer available to minority shareholders ensuring all shareholders would be treated equally.

Force Corporation owns Village Force Cinemas in a 50% joint venture with Australian-based Village Roadshow. It operates 12 sites nationwide with 72 screens under the Village Force and Rialto brands. The Force Entertainment Centre in central Auckland is the city’s leading cinema attraction, housing 12 Village Force Hoyts cinema screens, an IMAX giant cinema screen, 13 restaurants and bars including a Planet Hollywood theme restaurant. Force Corporation is also a 33% shareholder in the leading cinema group in Fiji and has a 25% share in Village Cinemas S.A., one of Argentina’s largest cinema groups.

Sky City is being advised by UBS Warburg New Zealand Limited.

Ends

For further information please contact:

Mike Drogemuller
General Manager Communications
Tel: 64 9 363 6007
Mob: 021 445 336

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