CROWN SELLS MORE MELCO SHARES

CROWN SELLS MORE MELCO SHARES
CROWN has sold an additional $300 million of its holding in Melco, bringing net proceeds from its exit from the Macau casino business to $1.9 billion.

The company announced a change of strategic direction yesterday by effectively pulling out of Macau and also cancelling its plans for the Alon project in Las Vegas.

Today it announced a further sale of Melco shares, and Crown will now hold an 11.2 per cent shareholding in the company after it entered into an underwriting agreement for the sale of 40.9 million shares at US$5.33 each.

Crown has also entered a series of cash-settled equity swaps for around 81.9 million Melco shares to provide a price hedge set at US$5.33 per share.

Of the extra money, $100 million will go to shareholders ($600 million in total) and $200 million to a share buyback ($500 million in total).

Crown remains in a trading halt today.

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