New shares offered at AED 1 per share
Further to the announcement on 19 April 2016, Dubai Parks and Resorts today announced the opening of the subscription period for New Shares as part of its AED 1.68 billion Rights Issue to primarily finance the development of its fourth theme park, Six Flags Dubai, within the Dubai Parks and Resorts destination.
Starting tomorrow, the holders of Rights (whether registered shareholders holding Rights or persons who purchased Rights during the Rights trading period) can now exercise their Rights to subscribe for New Shares at the issue price of AED 1 per share. Holders of Rights can subscribe for New Shares until 25 May 2016 when the Rights Issue subscription period officially ends.
Holders of Rights can subscribe for New Shares through any of the Emirates NBD branches stated below, the UAE Fund Transfer System (FTS) through any UAE bank branch, Emirates NBD ATMs (Emirates NBD customers), Emirates NBD Banknet system (Emirates NBD Customers) or online through the DFM eIPO system, or directly, or through, their broker/custodian. For further information on how to subscribe please refer to the “How to Subscribe” document http://www.dxbentertainments.com/investor-relations/wp-content/uploads/sites/3/2016/04/How-to-Subscribe-Receiving-Bank_26th-April.pdf
Any unsubscribed New Shares remaining after the initial pro rata allocation will be distributed to holders of Rights who applied for Additional New Shares. The allocation of Additional New Shares shall be on a pro-rata basis to the persons who subscribed for Additional New Shares, based on the number of Additional New Shares requested by such persons, at the same issue price as the New Shares.
If any unsubscribed New Shares still remain after the allocation of the Additional New Shares to the persons who subscribed for Additional New Shares, such shares will be allocated to and purchased by the Committed Investors, subject to their respective Maximum Commitments. If any unsubscribed New Shares still remain after the allocation to the Committed Investors, such shares will be offered for sale through a public offering.
The Rights Issue, approved by Dubai Parks and Resorts’ shareholders at the General Assembly Meeting held last month, was launched to raise AED 1.68 billion to primarily finance the development of the Six Flags Dubai theme park – an extension of the current Dubai Parks and Resorts destination. Once the Rights Issue has concluded, Dubai Parks and Resort’s issued share capital will become AED 7,999,912,670. None of the additional capital being raised will be used to fund the existing Dubai Parks and Resorts development, which is expected to open in October this year.
Raed Kajoor Al Nuaimi, Chief Executive Officer of Dubai Parks and Resorts stated that, “With the inclusion of Six Flags, we are offering increased shareholder value by further differentiating Dubai Parks and Resorts from its competitors in the UAE, the Gulf, as well as the entire Middle East region. Six Flags will also complement our existing parks by adding a thrill component and attracting a new target audience. We have made tremendous progress on the existing parks, which will open in October this year and look forward to providing visitors and citizens of Dubai with the largest entertainment destinations in the Middle East.”
Six Flags Dubai will be the fourth theme park at the Dubai Parks and Resorts destination and is expected to include around 27 rides and attractions for all ages when it is planned to open in Q4 2019.
Arqaam Capital Limited and Emirates Financial Services PSC are acting as Joint Bookrunners and Joint Lead Managers for the transaction. Emirates NBD Bank PJSC is the sole Receiving Bank.
For further details please refer to the Rights Issue section on Dubai Parks and Resorts corporate website (dprcorporate.ae/investor-relations/rights-issue/).
List of Receiving Emirates NBD Bank Branches
About Dubai Parks and Resorts
Dubai Parks and Resorts PJSC (DFM: DUBAIPARKS), is set to be the region’s largest integrated theme park destination comprising three theme parks: motiongate™ Dubai, a movie inspired theme park showcasing some of Hollywood’s most beloved characters from DreamWorks Animation, Sony Pictures Studios and Lionsgate; Bollywood Parks™ Dubai, the first theme park based on the sights and sounds of Bollywood; as well as LEGOLAND® Dubai, a unique, interactive theme park for families which will bring the well-known LEGO® brick to life in a playful learning environment; and LEGOLAND® Water Park, the region’s first water park catering to families with children aged 2-12.
The entire destination will be connected by Riverland™ Dubai – a retail, dining and entertainment walkway located at the heart of the destination and guests can stay at the Lapita™ Hotel, a Polynesian-themed resort catering to families, which will be managed by the Marriott Group.
Set to open in October this year, the AED 10.5 billion development is spread across 25 million square feet of land located on Sheikh Zayed Road, Dubai opposite the Palm Jebel Ali. 6.7 million ticketed visits are projected for 2017, the first full year of operation.
For further information please contact:
Marwa Gouda, Head of Investor Relations, Dubai Parks and Resorts
Jon Earl, Managing Director, FTI Consulting