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CDL Hotels Holdings New Zealand Limited Offer

CDL Hotels Holdings New Zealand Limited ("CDLHH NZ") is offering to acquire all of the fully paid ordinary shares ("Shares") in Millennium & Copthorne Hotels New Zealand Limited ("MCK") not already held by CDLHH NZ ("Offer").

MCK also has on issue redeemable preference shares listed on the NZX Main Board under the ticker ‘MCKPA’ (the “Preference Shares”).The Preference Shares are not covered under the Takeovers Code and are accordingly not included in the Offer. Independently of the Offer, CDLHH NZ is willing to acquire the Preference Shares at $1.70 per share via its broker, Craigs Investment Partners, through buying on the NZX Main Board. CDLHH NZ may also elect to seek to have the Preference Shares issued by MCK redeemed, if CDLHH NZ is successful in acquiring all of the outstanding shares. The Preference Shares are not covered under the Takeovers Code and are accordingly not included in the Offer. Independently of the Offer, CDLHH NZ is willing to acquire the Preference Shares at $1.70 per share via its broker, Craigs Investment Partners Limited, through buying on the NZX Main Board. CDLHH NZ may also elect to seek to have the Preference Shares issued by MCK redeemed, if CDLHH NZ is successful in acquiring all of the outstanding Shares.

APPLY

The key terms of the Offer are:

OFFER PRICE $2.80 for each Share, payable in cash.
FULL OFFER The Offer is for 100% of the Shares not already held by CDLHH NZ.
HOW TO ACCEPT If you wish to ACCEPT the Offer in respect of your Shares, please refer to the section "How to accept this Offer" on pages 6 and 7 of the Offer Document.
CONDITIONS The Offer is unconditional.
OFFER PERIOD The Offer is open for acceptance from 10 February 2025 and remains open for acceptance until 5:00pm on 8 May 2025 (unless extended in accordance with the Takeovers Code).
PAYMENT DATE If you accept the Offer you will be paid promptly for your Shares taken up under the Offer (with the Takeovers Code requiring that payment be made no later than five working days after the latest of:
  • the date on which the Offer becomes unconditional;
  • the date on which CDLHH NZ receives your acceptance of the Offer; or
  • the date of the end of the Offer period (being the Initial Closing Date specified at paragraph 1.4(a) of the Offer Document).)
BROKERAGE COST You will not pay any brokerage costs if you accept the Offer.
IMPORTANT CONTACTS

If you have any questions about the Offer or you require further copies of the Offer Document and its enclosures (including the Acceptance Form), you should contact the share registrar for the Offer,

MUFG Corporate Markets:
Telephone:    +64 9 375 5998 
Email:           applications.nz@cm.mpms.mufg.com

Alternatively, you should contact your financial or legal adviser.