New Zealand Professional Investment Services Firm

Forsyth Barr

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

New Zealand Professional Investment Services Firm, Forsyth Barr

Equity Bottom-Up

<ul><li>The key news is that SKC is launching a formal sale process for Adelaide, having already received a number of credible bids for the asset.</li><li>We estimate a gross transaction value for Adelaide of ~NZ$180m-NZ$200m (excluding the A$21m fine payable to CBS).</li><li>The other announcements were largely a reiteration of information known to the market, albeit the updates do provide some confidence that SKC is progressing on various value enhancing strategies for shareholders.</li></ul>

The key news is that SKC is launching a formal sale process for Adelaide, having already received a number of credible bids for the asset.We estimate a gross transaction value for Adelaide of ~NZ$180m-NZ$200m (excluding the A$21m fine payable to CBS).The other announcements were largely a reiteration of information known to the market, albeit the updates do provide some confidence that SKC is progressing on various value enhancing strategies for shareholders.

SkyCity (SKC.NZ) - Progress on Strategic Initiatives and Trading Update

Skycity Entertainment

SkyCity (SKC.NZ) - Progress on Strategic Initiatives and Trading Update