Millennium and Copthorne seeks $112M in preference share issue for Chinese venture, repay debt

Mon, 17 Feb 2014

Feb. 17 (BusinessDesk) - Millennium & Copthorne Hotels New Zealand, which operates 22 hotels across the country, is seeking about $112 million in a preference share issue to support a capital raising by its Chinese investment unit ahead of a proposed float, to repay debt and refurbish properties. The Auckland-based company is offering 1 preference share for every 2 ordinary shares at an issue price of 64 cents each. The preference shares rank equally with ordinary shares for dividend entitlements, but won’t have any voting rights. Eligible s...

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