CLAWSFOR CONCERN
Packer’s $448m resorts selldown
BILLIONAIRE James Packer has reduced his majority stake in casinos and hotels operator Crown Resorts, reaping about $448 million.
Mr Packer’s private investment company, Consolidated Press Holdings (CPH), has sold 35 million Crown shares — about 4.8 per cent of Crown’s issued share capital — at $12.80 per share to undisclosed investors.
CPH still holds a 48.2 per cent stake in Crown Resorts. AN arm of the European Union is expected to weigh in on a request from Sweden to deem American lobsters an invasive species in much of Europe.
Sweden says the European Union should ban imports of live American lobsters into EU nations because 32 of the
“The sale is being conducted as part of CPH’s financing and capital management strategy,” CPH said in a letter to Crown on Monday.
“CPH remains deeply committed to Crown Resorts and is excited about the future for the company.
“CPH remains supportive of Crown Resorts’ recently announced initiatives to increase shareholder value, being the new dividend policy, proposed demerger and the continued crustaceans were found in Sweden’s waters earlier this year. The European Union’s Scientific Forum on Invasive Alien Species is expected to issue its opinion this week. Swedish, American and Canadian scientists and government officials have evaluation of a potential REIT (real estate investment trust).” The shares CPH disposed of were sold at a 5 per cent discount to last Friday’s $13.52 closing price.
Crown shares were 24c lower at $13.28 during trading yesterday. Mr Packer has been reducing his public role at Crown Resorts. In August 2015, he stepped down as Crown chairman and in December 2015 resigned from the Crown Resorts board. sparred about whether Sweden’s request is rooted in sound science.
A spokeswoman for the European Union says the forum’s issuance of an opinion is one step in a long process of potentially listing a species as invasive. The process could take a year.