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

 

Sky City Intends To Acquire Force Corporation

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


© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Statistics: Building Activity Down In September Quarter
The volume of building activity in New Zealand fell 8.6 percent in the September 2021 quarter, compared with the June 2021 quarter, Stats NZ said today. Residential building activity fell by 6.4 percent in the September 2021 quarter, while non-residential building activity fell 12 percent... More>>


Government: David McLean Appointed As KiwiRail Chair

David McLean has been appointed as Chair of KiwiRail Holdings Ltd, the Minister for State Owned Enterprises Dr David Clark and Minister of Finance Grant Robertson announced today... More>>


Dairy NZ: ‘More Milk From Fewer Cows’ Trend Continues In A Record Year
Vodafone says it has 10,000 customers using its Wi-Fi Calling service. It took less than three months to reach that milestone; the service began operating in September... More>>



Xero: Data Reveals ICT Expenditure Key To Small Business Sales Growth
Xero, the global small business platform, today released a new report which shows New Zealand small business ICT expenditure has increased 25 percent compared to pre-pandemic levels - more than the UK (20%) and Australia... More>>


Fonterra: Lifts Forecast Farmgate Milk Price Range And Revises Earnings Guidance At First Quarter Update

Fonterra Co-operative Group today lifted its 2021/22 forecast Farmgate Milk Price range, reported a solid start to the 2022 financial year and revised its earnings guidance... More>>


Canterbury Museum: New Research - Bald Haast's Eagle Feasted On Moa Guts

New Zealand’s extinct Haast’s Eagle (Hieraaetus moorei), the largest known eagle, gulped down viscera like a vulture and may even have been bald, new research suggests... More>>

ABC Business Sales: Demand High For Covid-proof Businesses
Despite the continuing challenges facing businesses in this Covid environment, right now there are more buyers looking for a small-medium sized business than there are sellers in the market... More>>