Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Millennium & Copthorne mulls capital return

Millennium & Copthorne mulls capital return if First Sponsor float proceeds

By Paul McBeth

Apr. 23 (BusinessDesk) - Millennium & Copthorne Hotels New Zealand, which operates 22 hotels across the country, is mulling a capital return if the float of Chinese investment First Sponsor Group goes ahead.

The Singapore Exchange has issued an eligibility to list letter for the proposed initial public offering, which will probably be in the third quarter if it proceeds, the Auckland-based company said in a statement.

"In connection with the proposed FGSL (First Sponsor Group) IPO (and as mentioned in the offer document for our recent rights issue), MCK (Millennium) is considering undertaking, return of capital whereby MCK's investment in FSGL would be returned to our shareholders," it said. "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)."

Last month Millennium raised about $112 million to maintain its investment in First Sponsor in a capital raising, repay debt and refurbish properties. It has previously said it expects to retain a 31 percent stake in First Sponsor if the float proceeds.

First Sponsor, which has property development interests in China, raised funds to pay for further development in Chendgu City, Sichuan Province, and new land acquisitions in Dongguan City, Guangdong Province.

Shares in Millennium rose 4.8 percent yesterday to 66 cents, and have shed 7 percent this year.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

SOE Results: TVNZ Lifts Annual Profit 25% On Flat Ad Revenue, Quits Igloo

Television New Zealand, the state-owned broadcaster, lifted annual profit 25 percent, ahead of forecast and despite a dip in advertising revenue, while quitting its stake in the pay-TV Igloo joint venture with Sky Network Television. More>>

ALSO:

Insurers Up For More Payouts: Chch Property Investor Wins Policy Appeal In Supreme Court

Ridgecrest NZ, a property investor, has won an appeal in the Supreme Court over insurance cover provided by IAG New Zealand for a Christchurch building damaged in four successive earthquakes. More>>

ALSO:

Other Cases:

Royal Society: Review Finds Community Water Fluoridation Safe And Effective

A review of the scientific evidence for and against the efficacy and safety of fluoridation of public water supplies has found that the levels of fluoridation used in New Zealand create no health risks and provide protection against tooth decay. More>>

ALSO:

Scoop Business: Croxley Calls Time On NZ Production In Face Of Cheap Imports

Croxley Stationery, whose stationery brands include Olympic, Warwick and Collins, plans to cease manufacturing in New Zealand because it has struggled to compete with lower-cost imports in a market where the printed word is giving way to electronic communications. More>>

ALSO:

Prefu Roundup: Forecasts Revised, Surplus Intact

The National government heads into the election with its Budget surplus target broadly intact, delivering a set of economic and fiscal forecasts marginally revised from May to reflect weaker commodity prices and a lower tax take. More>>

ALSO:

Convention Centre: Major New SkyCity Hotel And Laneway For Auckland

Today SKYCITY Entertainment Group Limited revealed plans to build a new hotel and pedestrian laneway of bars, restaurants and boutique shopping on land it owns in the Nelson and Hobson Streets block, expanding the SKYCITY Entertainment Precinct. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news