Court clears Village deal as dissenter stays away

Original article by Max Maddison
The Australian Financial Review – Page: 27 : 16-Dec-20

The Federal Court has approved BGH Capital’s deal to acquire cinemas and theme parks group Village Roadshow. The company’s shareholders recently endorsed BGH’s scheme A offer of $3 per share. New York-based fund manager Mittleman Brothers opted against making an application to appear before the court, having been a vocal opponent of the takeover bid. BGH will have a 78 per cent stake in Village Roadshow, while the Kirby family and former CEO Graham Burke will hold a stake of about 22 per cent

CORPORATES
VILLAGE ROADSHOW LIMITED – ASX VRL, BGH CAPITAL PTY LTD, MITTLEMAN BROTHERS LLC, FEDERAL COURT OF AUSTRALIA

BGH lifts takeover offer for Village

Original article by Ben Wilmot
The Australian – Page: 21 : 20-Nov-20

BGH Capital is set to increase its takeover offer for Village Roadshow from $2.22 per share to $3, valuing its revised bid at $586m. Spheria Asset Management’s portfolio manager Matthew Booker has previously indicated that an offer of around $3 per share should satisfy shareholders; Spheria has a 7.8 per cent stake in Village. However, 14.34 per cent shareholder Mittleman Brothers is of the view that the revised offer still undervalues the cinemas and theme parks group.

CORPORATES
VILLAGE ROADSHOW LIMITED – ASX VRL, BGH CAPITAL PTY LTD, SPHERIA ASSET MANAGEMENT PTY LTD

BGH bid to take Village Roadshow private

Original article by Elouise Fowler
The Australian Financial Review – Page: 13 : 19-May-20

Shares in theme parks and cinemas operator Village Roadshow rose 17 per cent to $2.09 on 18 May after it advised that private equity firm BGH Capital is in discussions to acquire it for up to $468.5 million. BGH’s due diligence on Village is expected to take four weeks, and its bid is subject to a number of conditions, including obtaining Foreign Investment Review Board approval and securing debt financing. As well as advising of BGH’s offer, Village provided an trading update which noted that it only had $58 million in cash at the end of April.

CORPORATES
VILLAGE ROADSHOW LIMITED – ASX VRL, BGH CAPITAL PTY LTD

Village Roadshow screened rival offer before Pacific Equity Partners deal

Original article by Kylar Loussikian, Jennifer Duke
The Sydney Morning Herald – Page: Online : 24-Dec-19

Morningstar estimates that there is a 75 per cent chance that Village Roadshow Limited shareholders will accept a takeover proposal from Pacific Equity Partners. Meanwhile, it has been revealed that Village Roadshow Corporation’s owners considered a rival offer from BGH Capital before agreeing to accept PEP’s offer for its stake in VRL. VRC is owned by Robert Kirby, John Kirby and VRL CEO Graham Burke.

CORPORATES
VILLAGE ROADSHOW LIMITED – ASX VRL, VILLAGE ROADSHOW CORPORATION LIMITED, PACIFIC EQUITY PARTNERS PTY LTD, BGH CAPITAL PTY LTD, MORNINGSTAR PTY LTD

Private equity raids the Village

Original article by Ben Wilmot, Bridget Carter
The Australian – Page: 15 & 21 : 20-Dec-19

Pacific Equity Partners has made a conditional, non-binding and indicative takeover offer for cinemas and theme parks group Village Roadshow. The offer of $3.90 per share values Village at about $1bn, or $761.2m when its debt is excluded. Shares in Village closed $0.69 higher at $3.89 on 19 December, in response to the private equity firm’s scheme of arrangement proposal.

CORPORATES
VILLAGE ROADSHOW LIMITED – ASX VRL, PACIFIC EQUITY PARTNERS PTY LTD, VILLAGE ROADSHOW CORPORATION LIMITED, MORNINGSTAR PTY LTD

Village halts plans for more Topgolf centres

Original article by Max Mason
The Australian Financial Review – Page: 15 : 17-Jan-19

Village Roadshow is believed to have put the rollout of its Topgolf venture on hold. Village Roadshow opened the first of eight propose Topgolf venues in mid-2018, but the company is said to have halted the rollout until the performance of the Gold Coast venue can be ascertained. Meanwhile, Village Roadshow’s deputy chairman John Kirby is pushing for asset sales and the removal of executive chairman Robert Kirby and CEO Graham Burke.

CORPORATES
VILLAGE ROADSHOW LIMITED – ASX VRL, TOPGOLF, WET `N’ WILD WATER PARK, K CAPITAL PTY LTD, ARNOLD BLOCH LEIBLER

Village eyes rebound as salaries, discounts cut

Original article by Jemima Whyte
The Australian Financial Review – Page: 13 & 16 : 11-Jul-18

Village Roadshow will use the proceeds of a $51m right issue to reduce its debt. The new shares will be offered at $1.65 apiece, which represents a discount of 24 per cent to the stock’s most recent trading price. The theme parks and cinemas group has also advised that it will cease offering discounted tickets via resellers, with co-CEO Graham Burke noting that the majority of consumers now buy tickets directly from Village Roadshow. The company will reduce its joint CEOs’ salaries and its directors’ fees as part of a strategy to cut costs.

CORPORATES
VILLAGE ROADSHOW LIMITED – ASX VRL, WARNER BROS MOVIE WORLD ENTERPRISES, SEAWORLD, WET `N’ WILD WATER PARK, TOPGOLF, VILLAGE ROADSHOW CORPORATION LIMITED, ARDENT LEISURE GROUP – ASX AAD, DREAMWORLD, GROUPON AUSTRALIA PTY LTD

Village Roadshow to target debt and cinemas

Original article by Max Mason
The Australian Financial Review – Page: 13 : 10-Jul-18

Shares in Village Roadshow went into a trading halt on 9 July, pending an announcement on a possible capital raising. There is speculation that the cinemas, theme parks and film group will seek to raise about $50m. Village Roadshow has significantly reduced its debt in the last year, while it recently divested the Wet’n’Wild Water Park in Sydney. The new Topgolf business is one of its priorities looking forward.

CORPORATES
VILLAGE ROADSHOW LIMITED – ASX VRL, WET `N’ WILD WATER PARK, TOPGOLF, PARQUES REUNIDOS, ORANGE SKY GOLDEN HARVEST ENTERTAINMENT (HOLDINGS) LIMITED, WARNER BROS MOVIE WORLD ENTERPRISES, LGIASUPER, ARDENT LEISURE GROUP – ASX AAD, DREAMWORLD, LIONS GATE ENTERTAINMENT CORPORATION, JP MORGAN AUSTRALIA LIMITED, MINTER ELLISON

Profit down but Village Roadshow targets a strong year for cinema

Original article by Max Mason
The Australian Financial Review – Page: 29 : 26-Aug-16

Australian-listed Village Roadshow has posted a 2015-16 net profit of $A16.6m, which is 58.7 per cent lower than previously, while revenue rose by 6.7 per cent to $A1.1bn. The company’s cinemas division recorded EBITDA of $A73.6 million, an increase of 27.2 per cent, and its theme parks division’s EBITA rose from $A87.5m to $A88m. Shares in Village Roadshow closed 9.3 per cent lower at $A4.77 on 25 August.

CORPORATES
VILLAGE ROADSHOW LIMITED – ASX VRL, WARNER BROS MOVIE WORLD ENTERPRISES, WET `N’ WILD WATER PARK, CITIGROUP PTY LTD

Theme park travellers head to where the fun is

Original article by Roy Morgan Research
Market Research Update – Page: Online : 30-Nov-15

A Roy Morgan Single Source survey has found that 740,000 Australians aged 14+ visited at least one theme park on their last holiday. The survey, which was carried out in the year to September 2015, also shows that 55 per cent of holiday-makers whose last holiday was in Australia visited a theme park, compared with the 45 per cent of Australians whose last holiday was overseas. Some 33 per cent of the latter visited the US, ahead of Japan (15 per cent) and Singapore (12 per cent).

CORPORATES
ROY MORGAN RESEARCH LIMITED