New shares offered at AED 1 per share
Rights holders are reminded that the Subscription Period for the Dubai Parks and Resorts Rights Issue, which opened on 12 May 2016, will close in three days on 25 May 2016. The AED 1.68 billion Rights Issue is intended to primarily finance the development of the fourth theme park, Six Flags Dubai, within the Dubai Parks and Resorts destination.
Holders of Rights (whether registered shareholders holding Rights or those persons who purchased Rights during the Rights trading period), have just three days left to exercise their Rights to subscribe for New Shares at the issue price of AED 1 per share. The Rights Issue subscription period officially closes at the end of trading on the Dubai Financial Market (DFM) this Wednesday.
Holders of Rights can subscribe for New Shares through any of the Emirates NBD branches stated in the Rights Issue invitation published on 19 April 2016, 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” publication: (http://www.dxbentertainments.com/investor-relations/wp-content/uploads/sites/3/2016/04/How-to-Subscribe-Receiving-Bank_18th-May.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 offering. Once the Rights Issue has concluded, Dubai Parks and Resorts’ 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 offering, which is expected to open in October this year.
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.
Raed Kajoor Al Nuaimi, Chief Executive Officer, Dubai Parks and Resorts, stated that, “Six Flags is a globally recognised brand, which will attract a new target market and complement our existing theme parks. We have received strong support for the new development which is scheduled to open in Q4 2019, having secured AED 993 million in debt from UAE banks as well as support from Committed Investors. We believe there is a significant gap for theme park destinations in the regional market and Indian sub-continent and this Rights Issue gives Rights holders the opportunity to capitalise on this and share our future growth.”
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 tab on Dubai Parks and Resorts website (dprcorporate.ae/investor-relations/rights-issue/).
For further information on the subscription process please contact
Emirates Financial Services PSC (Joint Bookrunners & Joint Lead Manager)
Director – Investment Banking
04 303 2884
Emirates NBD Bank (Receiving Bank)
04 387 4047
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 more information go to: http://dubaiparksandresorts.com
For further information please contact:
Marwa Gouda, Head of Investor Relations, Dubai Parks and Resorts
Jon Earl, Managing Director, FTI Consulting