MCK - Millennium & Copthorne Hotels NZ Limited

[Crackity]

Just doing the sums in my head going off memory from the number of ord's and pref's on issue it looks like almost $7 !

$7 plus but it's a moving feast (just like on a boat )

Not sure the prefs are getting redeemed for $1.80 - I'd suggest more.

Gonna be an interesting meeting at Msocial in  May assuming nothing happens beforehand.

[Basil]

https://api.nzx.com/public/announcement/468098/attachment/463081/468098-463081.pdf

Outlook looks good.  If CDL don't mount a takeover soon the price is going further north !

[Stoploss]

Story paywalled in the Herald ....Not sure what this works out per room but must be good for MCK shareprice ....
"The US$75 billion New York Stock Exchange-listed Brookfield Asset Management plans to buy two New Zealand hotels for $250 million, subject to Overseas Investment Office consent.
Ruban Kaneshamoorthy, Brookfield's co-head of Australia real estate, said the company wanted to buy the 280-room Rydges Wellington and the 84-room Sofitel Queenstown."

https://www.nzherald.co.nz/property/new-york-listed-brookfield-asset-management-plans-250m-purchase-of-rydges-wellington-sofitel-queenstown/premium/JRN36M2CC5FCZCHT6ODWFD5J7I/

[Basil]

Really makes me wonder what MCK's three Queenstown properties with some surplus land are really worth ?

[Interested321]

I agree with Basil.  MCK owns three prime Queenstown hotels.  They are close to the lake and many of the rooms will have lake views.  Additionally, the value of Queenstown real estate is really taking off and I see no sign of it abating.  I would love to see some proper and current estimates of the values of these properties in the annual report. 

[Basil]

Not forgetting also that M Social in downtown Auckland where they're holing the annual meeting this year could be "in play" for sale.

[entrep]

From AI:

INVESTMENT REPORT: MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED (NZX: MCK)
Date: March 2026
Ticker: MCK (NZX)
Sector: Hospitality / Hotels & Property

EXECUTIVE SUMMARY

Millennium & Copthorne Hotels New Zealand Limited (MCK) is the only NZX-listed hotel owner-operator, with 19 hotels across New Zealand and a growing Australian footprint. The company is 84% controlled by CDL Hotels Holdings (a subsidiary of Singapore's Hong Leong Group) and also holds a 65% majority stake in NZX-listed land developer CDL Investments New Zealand (CDI).
MCK reported a strong FY25, with revenue at a five-year high of $186.7m (+6% YoY) driven by hotel momentum, though operating profit fell 28% due to CDI's subdued property cycle. The company's assets are carried at historical cost on the balance sheet, but the fair market value of hotel and property assets has been independently assessed at $1.1 billion, implying a net asset backing of $5.24 per share on a market value basis, significantly above the book NTA of $3.58.
The central investment thesis revolves around three dynamics: (1) a deeply undervalued asset base relative to market price, (2) an ongoing and likely takeover by the controlling shareholder CDL at a price that minority shareholders consider inadequate, and (3) a complex capital structure involving redeemable preference shares (RPS) that could materially alter the fair value attributable to ordinary shareholders.
Overall Assessment: MCK ordinary shares appear materially undervalued relative to the assessed fair market value of the underlying assets. However, minority shareholders face significant governance risks from the dominant controlling shareholder, limited liquidity, and uncertainty around the timing and terms of any takeover offer.

COMPANY OVERVIEW

Business Structure:

NZ Hotels (core business): 19 properties, approximately 2,300 rooms across New Zealand under Millennium, Grand Millennium, M Social, Copthorne, Kingsgate, and The Mayfair brands. Revenue $130.9m, up 19.5% YoY.
CDL Investments NZ (65% owned subsidiary, NZX: CDI): Residential and commercial land development across NZ. Revenue $38.1m, down 22.4% YoY.
Australia: 50% JV in Sofitel Brisbane Central. Zenith Residences in Sydney in wind-down with 6 apartments remaining.
Approximately 1,200 employees across NZ and Australia.

Ownership Structure:

CDL Hotels Holdings NZ Ltd holds 86.39% economic interest (ordinary plus preference shares) and approximately 84% of ordinary shares.
ACC (Accident Compensation Corporation) is the most significant minority holder of both ordinary and preference shares, and has recently increased its ordinary shareholding.
Free float is approximately 16% of ordinary shares, roughly 16.9 million shares.

Capital Structure:

Ordinary shares on issue: 105,578,290
Redeemable preference shares (RPS) on issue: 52,739,543
Treasury stock (ordinary): 99,547
Total shares for EPS calculation: 158,218,286

The RPS are non-voting and rank equally with ordinary shares for dividends, but have different liquidation rights. CDL holds approximately 91% of the RPS and can unilaterally trigger redemption at approximately $1.70 to $1.80 per share based on a formula. This is a crucial structural feature discussed further below.

FINANCIAL PERFORMANCE - FY25

Income Statement Highlights:

Revenue: $186.7m (FY24: $176.2m, up 6.0%)
Hotel Revenue: $130.9m (FY24: $109.5m, up 19.5%)
Property Sales via CDI: $51.5m (FY24: $62.7m, down 17.9%)
Operating Profit: $30.6m (FY24: $42.5m, down 27.9%)
Profit Before Tax: $33.0m (FY24: $47.1m, down 29.8%)
Net Profit attributable to MCK shareholders: $20.2m (FY24: $2.8m, up 622%)
Earnings Per Share: 12.78 cents (FY24: 1.75 cents)
Dividend per share: 3.0 cents, fully imputed, maintained from prior year

Note: FY24 was distorted by a $25.8m one-off non-cash deferred tax adjustment. Adjusted FY24 EPS was 17.17 cents, meaning FY25 underlying EPS actually declined approximately 25.6%.
Key Observations:

Hotel business firing strongly. NZ hotel revenue up 19.5%, driven by The Mayfair acquisition in January 2025 for $31.9m, completion of refurbishments restoring room inventory, and recovering international tourism with 3.5 million visitor arrivals being the first year exceeding 3.5 million since pre-COVID.
Average occupancy rose to 70% from 67%, with Q1 and Q4 being seasonally strongest.
CDI dragging on profitability. The subdued NZ residential property market saw CDI's operating profit fall 38.5% to $15.0m. CDI maintains zero bank debt and $13.9m cash.
Sofitel Brisbane JV delivered a strong contribution. MCK's share of profit was $2.64m, up 75%, benefiting from event-driven demand including the British and Irish Lions tour, State of Origin rugby league, and Ashes cricket.
A $3.8m non-cash impairment was recognised on Copthorne Hotel Palmerston North.
Effective tax rate normalised to 25%, down from the inflated FY24 rate.

Balance Sheet Highlights:

Total Assets: $800.5m (FY24: $762.3m)
Property, Plant and Equipment (hotels): $321.7m (FY24: $283.4m)
Development Properties: $279.7m (FY24: $264.1m)
Investment in JV (Sofitel Brisbane): $51.2m (FY24: $46.6m)
Cash plus Short Term Deposits: $24.2m (FY24: $41.3m)
Bank Debt: $20.0m (FY24: $3.0m)
Net Assets: $685.0m (FY24: $664.9m)
NTA per share on book value: $3.58 (FY24: $3.46)
NTA per share on market value basis: $5.24
Very low gearing. Net debt is approximately nil as cash roughly offsets bank borrowings. The banking facility is $80m comprising $75m revolving credit and $5m overdraft, maturing July 2027.
Asset growth of $38m was primarily from the Mayfair acquisition and ongoing capex and refurbishments, funded by operating cash flow and modest debt drawdown.
The fair market value gap is substantial. Book value of property assets is $752m versus assessed fair market value of $1.1 billion, representing an unrealised surplus of approximately $361m or 48% above book.

Cash Flow Highlights:

Operating Cash Flow: $25.7m (FY24: $13.7m, up 88%)
Investing Cash Flow: negative $52.7m (FY24: positive $33.1m)
Financing Cash Flow: positive $5.3m (FY24: negative $20.4m)
Operating cash flow improved materially to $25.7m.
Heavy investing outflows reflect the Mayfair acquisition and ongoing hotel refurbishment programme.
Debt drawn up $17m to fund acquisitions. Dividends to MCK shareholders maintained at $4.7m.


VALUATION ANALYSIS

4.1 Book Value vs Market Value
The company's hotel properties are carried at historical cost less depreciation, a conservative accounting treatment that understates their true worth. Independent valuations as at 31 December 2025 assess the fair market value of all property assets at $1.1 billion.

NZ Hotels and Properties: book value approximately $571m, market value approximately $990m
Australia portfolio (Zenith plus 50% Sofitel Brisbane): book value approximately $123m, market value approximately $123m
Total: book value approximately $752m, market value approximately $1,113m

The company's stated NTA per share on a market value basis is $5.24. This figure is calculated on total shares outstanding of 158.2 million and includes a tax allowance on revaluation gains.
4.2 The Redeemable Preference Share (RPS) Arbitrage
This is the most important and complex valuation consideration. The 52.7 million RPS can be redeemed by the company, with CDL's consent as the holder of more than 75%, at a formulaic price currently around $1.70 to $1.80 per share. The mid-point independent fair value of RPS is cited at approximately $4.70, the same as ordinary shares on a per-share basis.
If the RPS are redeemed at $1.80:

Total RPS redemption cost: 52.7m shares multiplied by $1.80 equals approximately $94.9m
Total fair market net value across all shares: 158.2m shares multiplied by $5.24 equals approximately $829m
Remaining value for ordinary shareholders: $829m minus $94.9m equals approximately $734m
Value per ordinary share: $734m divided by 105.5m ordinary shares equals approximately $6.96

Forum participants' calculations, using slightly different assumptions, arrive at figures ranging from $6.20 to $7.00 or more per ordinary share after accounting for cheap RPS redemption.
This represents a significant uplift compared to recent trading prices in the low to mid $4 range and any takeover offer at or below $5.
4.3 Comparable Transaction Evidence
Recent NZ hotel transactions provide useful benchmarks:

Brookfield Asset Management plans to acquire Rydges Wellington (280 rooms) and Sofitel Queenstown (84 rooms) for $250 million, subject to OIO consent. That works out to approximately $686,000 per room.
Base Backpackers in Queenstown was sold for $31 million, a budget asset.

MCK owns three hotels in Queenstown (Millennium, Copthorne Lakefront, Copthorne Resort) in prime lakefront and lake-view locations, plus surplus development land. At comparable per-room metrics, these alone could be worth several hundred million dollars, potentially above current book values.
The M Social hotel in downtown Auckland occupies prime CBD land adjacent to the Downtown Carpark development. Forum discussion and management commentary suggest this property may be in play for potential sale or redevelopment, representing additional hidden value.
4.4 Valuation Summary

Book NTA per share: $3.58
Market value NTA per share (all shares equally): $5.24
Adjusted ordinary share value after RPS redemption at $1.80: approximately $6.20 to $7.00
Potential additional upside from Queenstown revaluation and M Social Auckland: not yet quantified
Recent estimated trading price range: approximately $4.00 to $4.70
Price to Book NTA: approximately 1.31x
Price to Market NTA: approximately 0.90x
Price to Adjusted Ordinary NTA: approximately 0.67x to 0.76x

[entrep]

TAKEOVER DYNAMICS AND CORPORATE GOVERNANCE

5.1 CDL Takeover History
CDL via CDL Hotels Holdings already controls 84% of ordinary shares and 91% of RPS. A previous takeover attempt in 2025 valued ordinary shares at the mid-point of $4.70 per the Target Company Statement prepared by Northington Partners. Forum commentary suggests CDL may have more recently floated an offer of approximately $3.30 per share, which was rejected.
CDL's strategic interest in full ownership is clear. It would allow CDL to:

Delist MCK, eliminating NZX compliance costs
Redeem the RPS at approximately $1.80, crystallising roughly $3 per share of value transfer from RPS holders to ordinary shareholders, of which CDL holds 84%
Extract value through related-party transactions, asset transfers, or cessation of dividends
Optimise the Queenstown surplus land and M Social Auckland without minority shareholder scrutiny

5.2 The RPS as a Strategic Lever
Northington Partners in the 2025 Target Company Statement noted that CDL's total economic interest is maximised if the RPS are NOT redeemed, because CDL holds 91% of RPS and would forego the cheap redemption discount if it redeemed them while also owning most of them. However, after a takeover where CDL owns 100% of ordinary shares, the calculus changes dramatically. CDL could then redeem RPS at $1.80 and capture the difference between $1.80 and fair value for the 9% of RPS it does not own, which is primarily ACC's holding.
This creates a game-theoretic situation:

Before takeover: CDL benefits from NOT redeeming RPS
After takeover of ordinary shares: CDL benefits from redeeming RPS at $1.80
RPS holders, especially minorities, are vulnerable to being locked into a non-dividend-paying, illiquid, potentially delisted security with CDL controlling the redemption trigger

5.3 ACC's Role
ACC holds significant positions in both ordinary and preference shares. As the largest minority shareholder, ACC is the key negotiating counterparty for CDL. Forum consensus is that any takeover deal will effectively be negotiated between CDL and ACC, with the outcome presented as a done deal to other minorities.
ACC's relative weightings, being larger in ordinary than preference shares, suggest they may prioritise ordinary share value, potentially at the expense of RPS holders. However, ACC would also want an exit from their RPS position, so any deal likely includes a resolution for the RPS.
5.4 Board Composition
The MCK board currently has a majority of independent directors as required under NZX listing rules. Independent director Graham McKenzie agreed to stand for only one more year until the 2026 ASM. If independent directors are not replaced, CDL could gain effective board control, potentially facilitating a takeover or RPS redemption that favours CDL.
Any decision to redeem the RPS would need MCK board approval as being in the company's best interests. With a majority of independent directors, this is not assured. But if CDL gains board control post-delisting, the dynamic shifts entirely.
5.5 Self-Funding Takeover Mechanism
A particularly notable analysis from forum participants suggests CDL could execute a takeover using no cash of its own:

Step 1: Use MCK's $80m banking facility to redeem all RPS at approximately $1.80, costing approximately $95m
Step 2: CDL receives 91% of redemption cash back, approximately $86m, as the dominant RPS holder
Step 3: Use that $86m to fund the acquisition of the approximately 16.9 million ordinary shares CDL does not already own
This implies a maximum self-funded offer price of approximately $5.10 per share for ordinary shares

This is an elegant but concerning mechanism from a minority shareholder perspective.

STRATEGIC OUTLOOK AND GROWTH DRIVERS

Positives:

Tourism recovery continuing. International visitor arrivals exceeded 3.5 million in 2025, the first time since pre-COVID. New Zealand remains an aspirational tourism destination.
Refurbishment programme completing. Room availability approaching 100% across the portfolio. Full-year benefits of the Mayfair acquisition and completed refurbishments at Millennium Queenstown, Millennium Rotorua, Copthorne Bay of Islands, and Copthorne Queenstown Lakefront will flow through in FY26.
Strong start to 2026. Managing Director Stuart Harrison confirmed that 2026 has started strongly and if current demand patterns continue this should be reflected in improved metrics at half year.
Sofitel Brisbane upside. Growing contribution expected ahead of the 2027 Rugby World Cup and 2032 Brisbane Olympics.
Surplus land optionality. The company has identified surplus land adjacent to hotels in Queenstown, Rotorua, and Palmerston North being evaluated for further development or sale.
M Social Auckland and Downtown Carpark. The Auckland Downtown Carpark development adjoining M Social is progressing through consenting, with consideration being given to the opportunity for further development of the hotel site. This prime CBD asset could represent major value realisation.
Very low gearing. Net debt near zero with $80m facility available, providing significant capacity for acquisitions or further investment.
NZ hotel supply constrained. Limited new hotel construction provides pricing power for existing operators.
Large imputation credit balance of $144.7m available, providing capacity for future fully imputed dividends or capital returns.

Risks:

Controlling shareholder risk. CDL can effectively dictate terms to minority shareholders. There is potential for a low-ball takeover offer that does not reflect fair value.
Liquidity risk. Very thin trading in MCK ordinary shares and even thinner in RPS. Exiting a meaningful position could be very difficult.
CDI property headwind. NZ residential property market recovery expected to be gradual. CDI's contribution likely to remain subdued in the near term.
Geopolitical and economic uncertainty. Global trade tensions, domestic inflation, and potential tourism disruptions remain ongoing concerns.
Seismic costs. Copthorne Hotel Wellington Oriental Bay requires seismic strengthening with partial closure expected in 2026. The capital requirement is not yet disclosed.
Climate risk. Extreme weather events could affect hotel operations and property values. Valuers have not yet made explicit adjustments for climate risk but acknowledge this may change.
Regulatory risk. OIO consent requirements for foreign hotel acquisitions are relevant to competitor pricing. Pillar Two global minimum tax implications are being monitored.
Board composition deterioration. Risk of losing independent director majority at the 2026 ASM, which would weaken minority shareholder protections.
Two hotel CGUs identified as sensitive to impairment. One hotel with a carrying value of $5.1m is close to its recoverable amount. One hotel's value is sensitive to changes in square metre rates with only $1.4m headroom above carrying value.


DIVIDEND AND YIELD


Dividend per share: 3.0 cents, fully imputed at 28%
Gross dividend: 4.167 cents
Supplementary dividend for non-resident shareholders: 0.529 cents
Record date: 8 May 2026
Payment date: 15 May 2026
Total monies associated with the distribution: $3,167,349
Source: Retained earnings
Indicative gross yield at approximately $4.70: roughly 0.9%

The dividend yield is minimal. MCK is not an income investment. The thesis is entirely asset-value and event-driven.

KEY METRICS SUMMARY


Revenue FY25: $186.7m
Net Profit to MCK shareholders: $20.2m
Earnings Per Share: 12.78 cents
Book NTA per share: $3.58
Market value NTA per share: $5.24
Adjusted ordinary share value post RPS redemption: approximately $6.20 to $7.00
P/E ratio at approximately $4.70: roughly 37x
Price to Book NTA: approximately 1.31x
Price to Market NTA: approximately 0.90x
Price to Adjusted Ordinary NTA: approximately 0.67x to 0.76x
Net Debt: approximately nil
Gearing: approximately 0%
Banking facility available: $80m, maturing July 2027
Imputation credits available: $144.7m
Hotel occupancy: 70%
NZ hotel properties fair value: $575m
Total property portfolio fair market value: $1.1 billion


INVESTMENT CONCLUSION

MCK ordinary shares represent a classic "asset-rich, liquidity-poor, controlled-company" situation. The underlying asset base, particularly the NZ hotel portfolio, is worth materially more than the current share price, with credible estimates for ordinary shares ranging from $6.20 to $7.00 or more on a fully adjusted basis.
The key catalyst is a takeover offer from CDL. While CDL's initial approaches appear to have been at levels well below fair value, with approximately $3.30 floated informally and $4.70 as the mid-point in the 2025 Target Company Statement, the updated $5.24 market NTA disclosed in February 2026, combined with rising Queenstown hotel transaction values such as Brookfield's $250m deal for two hotels, the improving hotel operating environment, and ACC's increased ordinary share position, all suggest the eventual takeover price should be meaningfully higher.
A fair takeover offer, in our assessment, should be in the range of $5.50 to $6.50 per ordinary share, reflecting:

The $5.24 all-share market NTA as a floor
The RPS redemption value transfer to ordinary shareholders
A control premium, typically 20% to 30% for NZ takeovers
Queenstown and M Social Auckland optionality not fully captured in current valuations

The key risk is that CDL may delay or structure a takeover at an inadequate price, and minority shareholders have limited recourse. The stock is extremely illiquid and patience is required.
For RPS holders: The position is precarious. Post-takeover, CDL could redeem at $1.80 or simply cease dividends and delist, leaving RPS holders stranded. RPS should be viewed as high-risk special situation instruments only.
For ordinary shareholders: The discount to intrinsic value is substantial, but the path to value realisation depends almost entirely on CDL's actions and ACC's negotiating position. The most likely outcome is a takeover at some point, but the timing and price remain uncertain.

[Basil]

MCK owns three hotels in Queenstown (Millennium, Copthorne Lakefront, Copthorne Resort) in prime lakefront and lake-view locations, plus surplus development land. At comparable per-room metrics, these alone could be worth several hundred million dollars, potentially above current book values.

Great analysis, thank you for sharing.  I especially liked that bit.

A particularly notable analysis from forum participants suggests CDL could execute a takeover using no cash of its own:

Step 1: Use MCK's $80m banking facility to redeem all RPS at approximately $1.80, costing approximately $95m
Step 2: CDL receives 91% of redemption cash back, approximately $86m, as the dominant RPS holder
Step 3: Use that $86m to fund the acquisition of the approximately 16.9 million ordinary shares CDL does not already own
This implies a maximum self-funded offer price of approximately $5.10 per share for ordinary shares

Some dog that's sometimes a bit clever came up with that idea 

A fair takeover offer, in our assessment, should be in the range of $5.50 to $6.50 per ordinary share, reflecting:

The $5.24 all-share market NTA as a floor
The RPS redemption value transfer to ordinary shareholders
A control premium, typically 20% to 30% for NZ takeovers
Queenstown and M Social Auckland optionality not fully captured in current valuations

I agree 100%

[Interested321]

Adjusted ordinary share value after RPS redemption at $1.80: approximately $6.20 to $7.00

Great analysis entrep.  I completely agree with most of your points. However, you stated the fair takeover offer should be $5.50 to $6.5 per share.  However, I would argue it is worth more than that due to the following reasons.

1.  You said "Adjusted ordinary share value after RPS redemption at $1.80: approximately $6.20 to $7.00" 

Why not start in the mid point of this - $6.60.

2.  The control premium of 20% should be added to the $6.60 = $7.92 valuation

3.  I am concerned that the three Queenstown hotels and M Social in Auckland could be significantly undervalued.  Revaluing those would further increase the valuation.

[Basil]

I think its crystal clear the Downtown M Social hotel, Queenstown hotels and the redeemable preference shares redemption are the 3 key value drivers for ordinary shares valuation and uplift of same..

What frustrates me a bit and I am sure I am not alone is the company are happy to spend freely on new hotels in Chch and Brisbane at mid to late EBITDA multiples and then try and take over the company for about 50 cents on the dollar.

The self funding takeover plan I have come up with is a far better use of company funds than paying top dollar at open market for additional hotels.

[Interested321]

I have been following the potential value of the hotels MCK owns in Queenstown.  They are

Millennium Hotel Queenstown (4 star, 220 beds, many with lake or mountain views)
Copthorne Hotel and Resort Queenstown Lakefront (4 star, 240 rooms, 74 rooms with lake or mountain views)
Copthorne Hotel and Apartments Lakeview (4 star, 66 rooms and 19 apartments)

I see Queenstown as being on a trajectory to become a Geneva or Zurich of the Southern Hemisphere. Growth is impressive.  For example, there was an increase of 10% in international travellers in the last year.  Yet there is limited land (espeically with lake views) and those hotels are potentially on a gold mine.

I also follow the online booking for those hotels (as we have been looking at a holiday there).  I am trying to get a booking.  It seems peak season lasts for about six months.  Many of the dates for those hotels in Novemeber 2026, January 2027 or February 2027 are booked out already - even for a single weeknight.  Also, I don't have exact numbers but I think that room rates have increased in the last year from about $350 to $450 in peak seasons. 

Also, with the ongoing increase in visitor numbers, and high levels of pre-bookings, there would be a case for increasing the rooms rates significantly further.     

[Shareguy]

I have been following the potential value of the hotels MCK owns in Queenstown.  They are

Millennium Hotel Queenstown (4 star, 220 beds, many with lake or mountain views)
Copthorne Hotel and Resort Queenstown Lakefront (4 star, 240 rooms, 74 rooms with lake or mountain views)
Copthorne Hotel and Apartments Lakeview (4 star, 66 rooms and 19 apartments)

I see Queenstown as being on a trajectory to become a Geneva or Zurich of the Southern Hemisphere. Growth is impressive.  For example, there was an increase of 10% in international travellers in the last year.  Yet there is limited land (espeically with lake views) and those hotels are potentially on a gold mine.

I also follow the online booking for those hotels (as we have been looking at a holiday there).  I am trying to get a booking.  It seems peak season lasts for about six months.  Many of the dates for those hotels in Novemeber 2026, January 2027 or February 2027 are booked out already - even for a single weeknight.  Also, I don't have exact numbers but I think that room rates have increased in the last year from about $350 to $450 in peak seasons. 

Also, with the ongoing increase in visitor numbers, and high levels of pre-bookings, there would be a case for increasing the rooms rates significantly further.     

I agree with you. I'm staying at the Novotel on the lake. It is $630 a night, normally we pay $400 max. Never seen Queenstown so busy. Paid $130 for a dozen Bluff oysters and $17 for a 330mm bottle of beer at a restaurant on the steamer wharf.

[lorraina]

Did the oysters work.?

[Shareguy]

Did the oysters work.?

😂 No, Was still worked up after paying for my gold plated Oysters.