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Tainui sells its 15% Riverside Casino to Skycity

Tainui Group Holdings sells its 15% Riverside Casino shareholding to SKYCITY

Tainui Group Holdings Limited (TGH) today announced it has reached agreement with SKYCITY Entertainment Group Limited to sell its 15% equity position in Riverside Casino Limited (RCL) the owner of the SKYCITY Hamilton gaming and entertainment complex. TGH is the holding company for all Tainui investments.

SKYCITY will pay $10.5 million (plus accrued convertible note interest) for TGH’s stake in RCL.

The offer is conditional on OIC and Casino Control Authority approvals.

The effective date of the transaction will be 30 April 2004.

TGH Chairman John Spencer says, “the sale of its Riverside Casino shareholding reflects the strategic realignment of TGH’s investments following a review. The Board of TGH determined that its 15% equity position is not part of its ongoing investment portfolio.”

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