MCK - Millennium & Copthorne Hotels NZ Limited

[Otago K]

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

Too be fair the resources are on limited active quotas due to some health challenges last couple of seasons. Supply and Demand.

[entrep]

I've used today's additional selling to get on to the share register. I probably should have posted my note after instead of before buying lol, was pretty bullish!

[alkebab]

I've used today's additional selling to get on to the share register. I probably should have posted my note after instead of before buying lol, was pretty bullish!

Bit of consistent selling going on over the last 2 weeks - usually in batches of 4-5k stocks every 2-3 days below $3.30. Small time holders getting impatient?

[Basil]

I've used today's additional selling to get on to the share register. I probably should have posted my note after instead of before buying lol, was pretty bullish!

Welcome aboard mate.

[entrep]

Hotel operations absolutely humming and future looking bright https://api.nzx.com/public/announcement/470003/attachment/464828/470003-464828.pdf. Development not so much...

Happy to hold and wait for true value realisation.

[Basil]

Check out who some of the top 20 shareholders are 

[alkebab]

Check out who some of the top 20 shareholders are 

JP Morgan is out of the top 20. Citibank and HSBC both sold a lot.

2024 Company report
https://api.nzx.com/public/announcement/449168/attachment/440345/449168-440345.pdf
2025 Company report
https://api.nzx.com/public/announcement/470003/attachment/464828/470003-464828.pdf

[Scooter]

Het

Check out who some of the top 20 shareholders are 

Hey Basil.
Thought you had 160k shares... 157k is a bit short 🤣🤣😂
But we'll done being a top 20. Take a bit of guts to get there.  Hope you get the end result you want 😁

[Basil]

Thanks. I bought a few more after that date.

[Stoploss]

Check out who some of the top 20 shareholders are 

Directors are a little bit light on shares ......

[Southern Lad]

Copthorne Rotorua is on the market - https://www.nzherald.co.nz/rotorua-daily-post/news/rotorua-hotel-investment-copthorne-on-fenton-st-for-sale/premium/WO4MEWIZSBHQNCL4OEGL5U4OEY/

https://www.colliers.co.nz/en-nz/real-estate-news/major-potential-in-prime-rotorua-site

Will be an interesting test of value for the hotel portfolio.  Valuation in the 2025 Target Company Statement was $10.1m for the hotel (although this was valued based on land value less allowance for demolition costs) and $5.675m for the surplus land.   Maybe this suggests hotel at end of it's economic life and MCK doesn't see value in rebuilding.

MCK also has the Millennium Hotel (value $66m in the Target Company Statement) closer to the CBD so assume they feel they have a strong enough presence in the market.

[alkebab]

Nice little dividend today lol.

Interesting to see a steady trickle of sellers since the $3.30 ACC deal, say 1-5k a day.

[Interested321]

I am looking into the potential takeover of MCK and one thing I would like help with is clarification on the right of non-accepting shareholders to challenge the takeover consideration.  If is briefly alluded to in point 2 of Southern Lad's quote in January 2026. 

If ACC is the purchaser, it'll give them close to 50% of the shares not owned by CDL (post the takeover CDL had 83.923% and the last Companies Office annual return on 1 October 2025 disclosed the ACC holding was 4.72%, so adding 2.55% gets ACC to 7.27%).  ACC may well have increased their shareholding further since 1 October.

At this level, given that other shareholders will also follow their lead, ACC can effectively:

1.  Stop CDL getting to the 90% compulsory acquisition threshold; and

2.  Assuming ACC can negotiate a price with CDL that they can live with, remove the ability of any non-accepting shareholders to challenge the takeover consideration because more than 50% of the outstanding shares will have been accepted into the offer.

My sense is that ACC are determined to get a fair price and won't be easily cajoled into accepting a low price on a take it or leave it basis.  CDL better off having a deal agreed with ACC before launching another takeover offer because they then get a guaranteed outcome.

Do shareholders have the ability to challenge or object a takeover offer?  If so does it mean that if the price is not right and over 50% of shareholders challenge or object to the takeover offer then it can not proceed?  If that is the case then ACC is in a very strong position as they own almost 50% of remaining shares.  Only ACC and a few other shareholders would need to object/ challenge to block a takeover.  They could potentially hold out for a fair price. 

What are the thoughts/ understanding of others on this? 

[Basil]

ACC are in the driver's seat here mate. Blair Cooper is a very professional operator. I look forward to chatting with him and other shareholders at the annual meeting later this month.