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9 July 2004
The Takeovers Panel has appointed Lonergan Edwards & Associates of Sydney as independent expert under rule 57 of the Code in respect of the compulsory acquisition of certain securities in SkyCity Leisure Limited being compulsorily acquired by SkyCity Auckland Investments Limited, a wholly owned subsidiary of SkyCity Entertainment Group Limited.
Lonergan Edwards is required to make a determination of the fair and reasonable value of the mandatory convertible notes issued by SkyCity Leisure being compulsorily acquired. The expert is not required to determine the value of the ordinary shares also being compulsorily acquired.
Lonergan Edwards must make its determination by 6 August 2004.
The Panel received six applications from prospective independent experts in response to its request for expressions of interest from persons wishing to be considered for appointment as the independent expert under rule 57.