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MarketScreener Homepage  >  Equities  >  Australian Stock Exchange  >  Event Hospitality & Entertainment Limited    EVT   AU000000EVT1

EVENT HOSPITALITY & ENTERTAINMENT LIMITED

(EVT)
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Event Hospitality & Entertainment : Sale of Cinestar - Transaction Update

10/11/2020 | 10:00pm EST

12 October 2020

ASX ANNOUNCEMENT

SALE OF CINESTAR - TRANSACTION 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 "Transaction").

The Group previously announced the sale of Cinestar subject to German Federal Cartel Office ("FCO") approval. Conditional FCO approval for the Transaction was granted on 28 February 2020 subject to the divestment of six sites, of which one has been completed. The sale process for the remaining five divestment sites (the "Divestment Process") is 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. Under the Sale and Purchase Agreement for the Transaction, it is Vue's responsibility to do all things necessary to complete the Divestment Process.

Whilst the Sale and Purchase Agreement for the Transaction was conditional only upon FCO approval being obtained, Vue has sought to renegotiate the terms of the Transaction and put a pause on the Divestment Process. The Group is in discussion with Vue whilst continuing to reserve its full legal rights regarding the Transaction.

Authorised for release by the Board

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 12 October 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 October 2020 01:59:04 UTC


© Publicnow 2020
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Sales 2021 665 M 486 M 486 M
Net income 2021 86,7 M 63,4 M 63,4 M
Net Debt 2021 400 M 293 M 293 M
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 6
Average target price 9,66 AUD
Last Close Price 10,00 AUD
Spread / Highest target 12,0%
Spread / Average Target -3,45%
Spread / Lowest Target -12,7%
EPS Revisions
Managers
NameTitle
Jane M. Hastings CEO, Managing Director & 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
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