LC Dev: To acquire 80% stake in private co CHC for $34.1m with option to purchase remaining 20%. In turn CHC owns 55% of Knight Frank which has been consistently profitable. The option is exerciseable both ways by LC Dev and the vendor shareholders but only after 3 yrs later.
Co netted an estimated gain of $90.0m on the $120.5m sale of 50% stake in Crowne Hotel which should be recognized in the 1Q Sep-end results and has explicitly stated that it is looking for possible long-term acquisitions. As of Jun-end, co reported a full year loss of $8.3m and currently trades at P/B of 0.6x.
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