Corporate Action: Take Up Village Roadshow’s AUD 1.65 Retail Entitlement Offer Before July 26, 2018
We recommend that eligible shareholders subscribe to Village Roadshow’s nonrenounceable 5-for-26 shares retail entitlement offer at the fixed price of AUD 1.65 per share. The closing date is July 26. The offer price is 12% below the current stock price and 34% below our AUD 2.50 fair value estimate. Our intrinsic assessment already incorporates the AUD 50 million capital raising, which will support Village’s balance sheet.With a net debt/EBITDA metric approaching 4 times by the end of fiscal 20...
Village Roadshow is principally engaged in the theme park and water park operations, cinema exhibition operations, film and digital versatile disc distribution operations. In addition, Co. had an equity-accounted 50.17% interest in Village Roadshow Entertainment Group Limited which has film production activities, as of June 30 2016.
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