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    EVT   AU000000EVT1

EVENT HOSPITALITY & ENTERTAINMENT LIMITED

(EVT)
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Event Hospitality & Entertainment : Cinestar Sale Update

12/06/2020 | 04:59pm EDT

7 December 2020

ASX ANNOUNCEMENT

CINESTAR SALE UPDATE

EVENT Hospitality & Entertainment Limited (the "Group") today provided an update regarding the sale of its German cinema exhibition operation ("Cinestar") to Vue International Bidco plc ("Vue") (the "Cinestar Sale").

The Group previously announced the Cinestar Sale subject to German Federal Cartel Office ("FCO") approval. Conditional FCO approval for the Cinestar Sale was granted on 28 February 2020 subject to the divestment of six sites, of which one has been completed. The divestment process for the remaining five divestment sites (the "Divestment") was well advanced with a shortlist of three parties, all of which have received in-principle approval from the FCO subject to final review and approval of the transaction documents. The FCO's extended deadline for completion of the Divestment is 14 December 2020.

The Group previously announced that the Sale and Purchase Agreement ("SPA") for the Cinestar Sale was conditional only upon FCO approval being obtained. In addition, Vue has a responsibility to do all things necessary to complete the Divestment and the SPA has no material adverse event clause. Notwithstanding, Vue has sought to renegotiate the terms of the Cinestar Sale and put a pause on the Divestment. The Group has been in discussions with Vue whilst continuing to reserve its full legal rights regarding the Cinestar Sale.

The Group continues the discussion with Vue in relation to the Divestment and the Cinestar Sale, but the most recent proposal put forward by Vue has made it clear that there is a material risk that Vue will not complete the Divestment by the FCO's extended deadline. Should the Divestment not occur by the deadline, the Cinestar Sale as notified to the FCO will be prohibited by the FCO.

Authorised for release by the Board

EVENT HOSPITALITY & ENTERTAINMENT LIMITED | ACN 000 005 103

478 GEORGE STREET SYDNEY NSW 2000 | GPO BOX 1609 SYDNEY NSW 2001 | +61 2 9373 6600

CINEMAS | EVENT | BCC | GU FILM HOUSE | CINESTAR | MOONLIGHT

HOTELS & RESORTS | RYDGES | QT | ATURA | THREDBO

STATE THEATRE | EDGE DIGITAL | EDGE SERVICED OFFICES

Further information

ASX Company Security Code:

EVT

Telephone:

+61 2 9373 6600

Contact:

David Stone (Company Secretary)

Email:

David_Stone@evt.com

EVENT HOSPITALITY & ENTERTAINMENT LIMITED | ACN 000 005 103

478 GEORGE STREET SYDNEY NSW 2000 | GPO BOX 1609 SYDNEY NSW 2001 | +61 2 9373 6600

CINEMAS | EVENT | BCC | GU FILM HOUSE | CINESTAR | MOONLIGHT

HOTELS & RESORTS | RYDGES | QT | ATURA | THREDBO

STATE THEATRE | EDGE DIGITAL | EDGE SERVICED OFFICES

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Event Hospitality and Entertainment Ltd. published this content on 07 December 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 December 2020 21:58:02 UTC


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Sales 2021 608 M 449 M 449 M
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P/E ratio 2021 -20,9x
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Last Close Price 12,70 AUD
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Managers and Directors
Jane M. Hastings CEO, Managing Director & Executive Director
Alan G. Rydge Non-Executive Chairman
Richard Gordon Newton Independent Non-Executive Director
Peter Roland Coates Lead Independent Non-Executive Director
Valerie Anne Davies Independent Non-Executive Director