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For immediate release 10 July 2014
MILLENNIUM & COPTHORNE HOTELS PLC
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.
Millennium & Copthorne Hotels New Zealand Limited (09) 353 5058
BK Chiu / Takeshi Ito
Managing Director / Group Company Secretary
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