19th Jul 2006 07:01
Millennium & Copthorne Hotels PLC19 July 2006 19 July 2006 MILLENNIUM & COPTHORNE HOTELS PLC ("the Company") ANNOUNCEMENT INITIAL PUBLIC OFFERING OF CDL HOSPITALITY TRUSTS We refer to our earlier announcements: (1) dated 13 June 2006 in relation to the lodgement of CDLHospitality Trusts' preliminary prospectus with the Monetary Authority ofSingapore ("MAS") in connection with the proposed initial public offering ofstapled securities ("Stapled Securities") in CDL Hospitality Trusts; (2) dated 23 June 2006 that the above preliminary prospectus hadbeen amended and lodged with the MAS; and (3) dated 10 July 2006 in relation to the registration of thefinal prospectus of CDL Hospitality Trusts with the MAS in connection with theinitial public offering (the "Offering") of 425,000,000 Stapled Securities bythe manager of CDL Hospitality Real Estate Investment Trust ("H-REIT"), being M&C REIT Management Limited (the "H-REIT Manager"), and the trustee-manager of CDLHospitality Business Trust ("HBT"), being M&C Business Trust Management Limited(the "HBT Trustee-Manager"), with the Company as the sponsor of the Offering. Further to the above announcements, we are pleased to announce as follows. ISSUE OF 698,000,000 STAPLED SECURITIES IN CDL HOSPITALITY TRUSTS The H-REIT Manager and the HBT Trustee-Manager have today issued an aggregate of698,000,000 Stapled Securities at the issue price of S$0.83 per StapledSecurity, with each Stapled Security comprising a unit in H-REIT and a unit inHBT. The 698,000,000 Stapled Securities consist of an aggregate of 425,000,000Stapled Securities issued in connection with the Offering and 273,000,000Stapled Securities issued to Hospitality Holdings Pte. Ltd., an indirect whollyowned subsidiary of the Company, pursuant to a subscription agreement dated 12June 2006 entered into between Hospitality Holdings Pte. Ltd., the H-REITManager and the HBT Trustee-Manager. The Stapled Securities are expected to be listed on Singapore ExchangeSecurities Trading Limited (the "SGX-ST") at, and commence trading on a "ready"basis from, 2.00 p.m. today, 19 July 2006 (Wednesday), subject to the SGX-STbeing satisfied that all conditions necessary for the commencement of trading inthe Stapled Securities on a "ready" basis have been fulfilled. (A) COMPLETION OF ACQUISITION OF ORCHARD HOTEL, M HOTEL, COPTHORNE KING'S HOTEL AND ORCHARD HOTEL SHOPPING ARCADE BY H-REIT AND (B) DELIVERY OF POSSESSION OF GRAND COPTHORNE WATERFRONT HOTEL TO H-REIT H-REIT completed its acquisition of the following properties this morning: (1) Orchard Hotel Singapore and Orchard Hotel Shopping Arcade,pursuant to a sale and purchase agreement dated 12 June 2006 between City HotelsPte. Ltd., an indirect wholly owned subsidiary of the Company, and DBS TrusteeLimited, as trustee (the "H-REIT Trustee") of H-REIT; (2) M Hotel Singapore, pursuant to a sale and purchase agreementdated 12 June 2006 between Harbour View Hotel Pte. Ltd., an indirect whollyowned subsidiary of the Company, and the H-REIT Trustee; and (3) Copthorne King's Hotel Singapore, pursuant to a sale andpurchase agreement dated 12 June 2006 between Republic Hotels & Resorts Limited,an indirect wholly owned subsidiary of the Company, and the H-REIT Trustee. Further, pursuant to a sale and purchase agreement dated 12 June 2006 betweenCity Developments Limited, the holding company of the Company, and the H-REITTrustee in relation to the hotel known as Grand Copthorne Waterfront HotelSingapore ("Grand Copthorne Waterfront Hotel"), H-REIT has this morning paid90.0% of the purchase price to City Developments Limited and taken possession ofthe property. H-REIT will complete the acquisition of Grand Copthorne WaterfrontHotel following the excision and creation of a separate strata lot to compriseGrand Copthorne Waterfront Hotel. The above properties, all of which are located in Singapore, comprise H-REIT'sinitial asset portfolio. Concurrent with the completion of the sale and purchase agreements for OrchardHotel and Orchard Hotel Shopping Arcade, Copthorne King's Hotel and M Hotel andthe acceptance of delivery of possession of Grand Copthorne Waterfront Hotel,H-REIT has today entered into a 20-year fixed term lease with each of CityHotels Pte. Ltd., Republic Hotels & Resorts Limited and Harbour View Hotel Pte.Ltd., acting as the lessees of the hotels, with an option to renew for anotherterm of 20 years at each lessee's option. Grand Copthorne Waterfront Hotel willbe leased by H-REIT to Republic Hotels & Resorts Limited whilst the other threehotels will be leased to their respective vendors. All dates and times referred to in this Announcement are Singapore dates andtimes. All corporations referred to in this Announcement, with the exception ofthe Company, are companies incorporated in Singapore. ENQUIRIES Millennium & Copthorne Hotels plc Robin Lee, Senior Vice President Finance +44 (0) 20 7872 2444 Financial Dynamics Ben Foster/Charles Watenphul +44 (0) 20 7831 3113 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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