Regulatory Story
Go to market news section View chart   Print
RNS

MCK Acquisition of remaining shares in Quantum Ltd

Released 12:08 10-Jul-2014

RNS Number : 9790L
Millennium & Copthorne Hotels PLC
10 July 2014
 



For immediate release                                                                                                        10 July 2014

 

MILLENNIUM & COPTHORNE HOTELS PLC

(THE COMPANY)

 

The following announcement was released earlier today by the Company's subsidiary, Millennium & Copthorne Hotels New Zealand Limited (MCK), which is listed on the New Zealand Stock Exchange. The Company has a controlling interest in MCK.

 

 

Enquiries:                                                                                                                   +44 (0)20 7872 2444

Jonathon Grech, Company Secretary                                                                                               

Peter Krijgsman, Financial Communications (Media)

 

ACQUISITION OF REMAINING SHARES IN QUANTUM LIMITED

 

Millennium & Copthorne Hotels New Zealand Limited (NZX:MCK) advises that it has today entered into a conditional agreement with Te Maori Lodges Limited (TML), a subsidiary of the Maori Trustee, for the acquisition of the 30% interest in Quantum Limited (Quantum) which MCK does not already own.

 

Quantum is the principal operating subsidiary of MCK and owns or leases seven hotels including Millennium Hotel Queenstown, Copthorne Hotel Rotorua and Kingsgate Hotel Dunedin.

 

The price agreed for the acquisition of the shares is $14.25 million in cash.

 

Completion of the purchase is subject to approval by the Overseas Investment Office and is expected to occur 10 business days after that approval is obtained.

 

Completion of the acquisition will end a business relationship between MCK and the Maori Trustee that began in 1993.

 

MCK's Managing Director, Mr. B K Chiu, thanked the Maori Trustee, Jamie Tuuta, and his staff for their contribution to the development of Quantum and its operations.

 

"The Maori Trustee has been a valued business partner with MCK for over twenty years. We understand that their interests now lie in fields outside tourism and hospitality and we wish them well in their future business endeavours", he said.

 

ENDS

 

Enquiries:

Millennium & Copthorne Hotels New Zealand Limited                                                           (09) 353 5058

BK Chiu / Takeshi Ito

Managing Director / Group Company Secretary

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
ACQRMMMTMBABBJI
Close


London Stock Exchange plc is not responsible for and does not check content on this Website. Website users are responsible for checking content. Any news item (including any prospectus) which is addressed solely to the persons and countries specified therein should not be relied upon other than by such persons and/or outside the specified countries. Terms and conditions, including restrictions on use and distribution apply.

 


MCK Acquisition of remaining shares in Quantum Ltd - RNS