Slide 1: General Announcement: Investor Presentation on Possible Offer for M&C Shares
General Announcement::Investor Presentation on Possible Offer for M&C Shares not ... Page 1 of 1 General Announcement::Investor Presentation on Possible Offer for M&C Shares not owned by CDL Issuer & Securities Issuer/ Manager CITY DEVELOPMENTS LIMITED Securities CITY DEVELOPMENTS LIMITED - SG1R8900
Slide 2: Investor Presentation November 2017
Investor Presentation November 2017
Slide 3: Disclaimer on Information
DISCLAIMER ON INFORMATION This presentation has been prepared by City Developments Limited (“CDL”) solely for information and for use in connection with the proposed recommended offer for Millennium & Copthorne Hotels plc (“M&C”) by Agapier Investments Limited (“Bidco”) (a wholly-owned subsidiary of
Slide 4: An Attractive Premia: 552.5 pence
AN ATTRACTIVE PREMIA POSSIBLE OFFER PRICE PREMIA ANALYSIS 23.7% 22.0% 21.4% Cash : 545.0 pence Special dividend : 7.5 pence (1) 552.5 pence Last close before 2.4 1 month VWAP before Closing price before annoucement(2) 2.4 announcement(2) first approach(3) (1) Special dividend payable to all M&C Shar
Slide 5: Why the Possible Offer?
WHY THE POSSIBLE OFFER? M&C Challenges CDL Challenges Intensifying competition from large-scale, Volatile and cyclical residential development asset light competitors business Geopolitical instability Cooling measures in key gateway cities Technology disruption Illiquid trading Benefits
Slide 6: Maintaining M&C's Owner and Operator Twin Strategy
MAINTAINING M&C’S OWNER AND OPERATOR TWIN STRATEGY CDL intends to keep hotel and property development Organizational business operationally separate structure CDL has already established a separate standalone UK property development business London restrictions on redevelopment: - Affordable h
Slide 7: NTA Does Not Represent Fair Market Value of M&C as Hotel Operator
NTA DOES NOT REPRESENT FAIR MARKET VALUE OF M&C AS HOTEL OPERATOR… 9.00 NTA per share •M&C is valued on 8.00 earnings, not NTA 7.00 6.00 •M&C has historically traded at a sizeable (GBP) 5.00 discount to reported 4.00 Share price net book value since 3.00 2008 2.00 1.00 0.00 Jan-08 Jun-10 Nov-12 Apr-
Slide 8: M&C Share Price Performance Since IPO
M&C SHARE PRICE PERFORMANCE SINCE IPO 8.00 7.00 6.00 Proposed Offer Consideration: 552.5 pence 5.00 (GBP) 4.00 3.00 2.00 1.00 0.00 May-96 May-98 May-00 May-02 May-04 May-06 May-08 May-10 May-12 May-14 May-16 Nov-17 Source: FactSet as of 10 November 2017 Strictly Private and Confidential 5
Slide 9: An All-Cash Possible Offer Allows M&C Shareholders to Realise Value
AN ALL-CASH POSSIBLE OFFER ALLOWS THE M&C SHAREHOLDERS TO REALISE VALUE OF THEIR INVESTMENT IN FULL AND IN CASH 552.5 pence 50% All cash Acceptance condition(1) Minority 22% Shareholders 34.8% CDL Premium to 1-month 65.2% VWAP (1) Acceptance condition of (50% + 1) of M&C’s independent shareholders S