28 Nov 2014 09:48
For immediate release 28 November 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
Further to its announcement on 10 July, Millennium & Copthorne Hotels New Zealand Limited (NZX:MCK) advises that it has today settled the acquisition of the 30% interest in Quantum Limited (Quantum) which MCK does not already own.
MCK received approval from the Overseas Investment Office on Wednesday and in line with the terms of the acquisition agreement, the consideration of $14.25 million was paid to Te Maori Lodges Limited (TML), a subsidiary of the Maori Trustee.
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.
ENDS
Enquiries:
Millennium & Copthorne Hotels New Zealand Limited (09) 353 5058
BK Chiu
Managing Director