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| Company |
Code |
Released |
Type |
Headline |
| MFS Living and Leisure Group |
MPY |
25 Sep, 2007, 13:05 |
ASSET |
MFS Sale of Stake in Tourism Holding Limited - MV
Final |
| Full Text of Announcement |
NZX & MEDIA ANNOUNCEMENT
MFS LIVING AND LEISURE GROUP
SALE OF STAKE IN TOURISM HOLDINGS LIMITED
Diversified leisure business owner and operator MFS
Living and Leisure Group (ASX/NZX: MPY) has sold its
10.02 per cent stake in New Zealand's Tourism Holdings
Limited (NZX: THL) for NZ$2.20 per share.
MPY Chief Executive Officer Marshall Vann said the
sale concludes MPY's recent unsuccessful takeover of
THL. By selling the stake, MPY has shown that it has
moved on from THL to concentrate on its existing
businesses.
Mr Vann said the sale represents a loss of
approximately A$6 million for the Group however it
will not impact MPY's recent distribution guidance of
at least 11.5 cents per stapled security for the
2007/08 financial year. MPY intends to use the sale
proceeds of approximately A$18 million to repay
current debt.
"MPY has strong plans and opportunities within
its current portfolio of attractions and is committed
to delivering on these opportunities while continuing
to grow, and to improve our existing leisure
businesses."
Earlier in September MPY announced a $3 million
investment in infrastructure to increase snow making
capacity at its premier Victorian ski resort Hotham,
by 35 per cent.
Mr Vann said MPY has no interest in bidding in the
current takeover offer by Village Roadshow Limited for
Sydney Attractions Group, owners of Sydney Aquarium
together with other attractions.
On 30 August 2007, MPY announced EBITDA of $37 million
for the 2006/07 financial year, up 19.8 per cent from
the 2006 prospectus forecast.
Marshall Vann
Chief Executive Officer
25 September 2007
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