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EVT LIMITED — Capital/Financing Update 2010
Jan 6, 2010
64888_rns_2010-01-06_c5cc2f20-05c9-43f2-9741-47c248e23729.pdf
Capital/Financing Update
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7 January 2010
Company Announcements Office ASX Limited Exchange Centre 20 Bridge Street Sydney NSW 2000 AUSTRALIA
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Dear Sir/Madam
RE: SALE OF SKYCITY’S CINEMA BUSINESS TO AMALGAMATED HOLDINGS LIMITED
Further to the announcement on 23 November 2009, that SKYCITY Entertainment Group Limited has agreed to sell its cinemas business in New Zealand and Fiji to Amalgamated Holdings Limited (ASX: AHL), SKYCITY today announced that due diligence has been completed and a final sale and purchase agreement has been signed, conditional only on New Zealand Overseas Investment Act consent.
The parties aim to complete the transaction by 18 February 2010.
The sale price of NZ$61.1m excludes SKYCITY’s 50% shareholding in Vista Entertainment Solutions Limited (an international ticketing software group), all cash deposits and all New Zealand freehold land. SKYCITY will now move to divest its interests in these residual cinema group assets and expects a final total realisation of approximately $70 million compared to a current carrying value of the total cinema group assets of $61 million.
Yours faithfully
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Nigel Morrison CEO and Managing Director
SKYCITY Entertainment Group Limited Federal House 86 Federal Street PO Box 6443 Wellesley Street Auckland New Zealand Telephone +64 (0)9 363 6141 Facsimile +64 (0)9 363 6140 www.skycitygroup.co.nz