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    EVT   AU000000EVT1

EVENT HOSPITALITY & ENTERTAINMENT LIMITED

(EVT)
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End-of-day quote. End-of-day quote Australian Stock Exchange - 09/16
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Event Hospitality & Entertainment : Cinestar Sale Update

12/14/2020 | 06:17pm EDT

15 December 2020

ASX ANNOUNCEMENT

VUE FAILS TO MEET OBLIGATIONS RELATING TO THE CINESTAR TRANSACTION

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").

Vue had a contractual obligation to complete the divestment of five sites to satisfy the condition of the German Federal Cartel Office ("FCO") by the extended deadline of 14 December. However, as the Group previously announced, Vue unilaterally put a pause on the divestment process and sought to renegotiate terms of the Cinestar Sale.

The Group advises that in its view, Vue was in a position to complete the divestment process, but deliberately failed to meet its contractual obligations. As a result, the Cinestar Sale as notified to the FCO is now a prohibited transaction due to the failure to satisfy the FCO condition.

The Group considers Vue's actions in not completing the divestment process to be a clear, deliberate and fundamental breach of the existing Cinestar Sale and Purchase Agreement ("SPA"). The Group is considering all of its legal options in relation to Vue's breach of the SPA. The SPA had no material adverse event clause or finance condition, and any concepts of force majeure or frustration were excluded under German law.

The Group acknowledges and appreciates the efforts and commitment of the Cinestar employees during the Cinestar Sale process and their ongoing support to the Group.

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 15 December 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 December 2020 23:16:04 UTC


© Publicnow 2020
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Sales 2022 783 M 573 M 573 M
Net income 2022 -0,45 M -0,33 M -0,33 M
Net Debt 2022 598 M 437 M 437 M
P/E ratio 2022 219x
Yield 2022 0,49%
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Nbr of Employees -
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Technical analysis trends EVENT HOSPITALITY & ENTERTAINMENT LIMITED
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TrendsBullishBullishBullish
Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 5
Last Close Price 14,28 AUD
Average target price 14,39 AUD
Spread / Average Target 0,80%
EPS Revisions
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