CROWN RESORTS 17 December 2015
By Emall
James Gerraty
Manager Listings, Melbourne ASX Compliance Pty Ltd
525 Collins Street
MELBOURNE VIC 3000
Dear James,
Crown Resorts Limited - ASX Price Query
Irefer to your letter dated 16 December 2015.
Crown's response to your price query is set out below using the same numbering and defined terms as your letter:
1. (a)
Crown is unaware of any proposal for a possible joint bid for Crown which is the subject of the Media Speculation and Crown has not received any such proposal from any party.
Crown has received the attached letter from Consolidated Press Holdings Pty Ltd, commenting on the Media Speculation, and has authorised Crown to provide a copy to you.
(b) Crown is unaware of any such Information.
Not applicable.
Not that Crown is aware of, beyond the Media Speculation itself.
4. Crown believes that it is in compliance with Listing Rule 3.1.
Michael Neilson
General Counserancf CompanySecretary
Crown Resorts Limited ABN 39 125 709 953
Paga 1 of 1
Crown Towers 8 Whiteman Street
Southbank 3006 Victoria Australia
Tel: +613 9292 8888
Fax: +613 9292 8608
- - I -- --- - -- - - - -· ---=-=-=--------
(A.C.N.008 394 509)
Postal Address
GPO Box 2696
Sydney NSW 2001 AUSTRALIA
Level 3, 54-58 Park Street
Sydney NSW 1028
Tel: +612 9282 8571
17 December, 2015
Michael Neilson
General Counsel & Company Secretary Crown Resorts Limited
Crown Towers
8 Whiteman Street
Southbank Victoria 3006
Dear Michael,
In response to media speculation yesterday (16 December 2015), CPH Group ("CPH") advises Crown Resorts Limited:
From time to time CPH has confidential discussions with third parties regarding CPH's investments, including its shareholding in Crown Resorts Limited;
If CPH intends to pursue a buy out or privatisation of Crown Resorts Limited, as speculated in the media, it would put forward a proposal to the Crown Resorts Limited independent directors for their consideration;
CPH has not put forward any proposal of the nature speculated in the media to the Crown Resorts Limited independent directors;
The fact that CPH may continue to have confidential discussions with third parties regarding CPH's investments, including its shareholding in Crown Resorts Limited, should not be taken as any indication that any proposal, of the nature that has been the subject of the media speculation, will be made by CPH in the future;
CPH has no objection to Crown Resorts Limited making public this letter.
Kind regards,
16 December 2015 ASX
Michael Neilson
General Counsel & Company Secretary Crown Resorts Limited
Crown Towers, 8 Whiteman Street SOUTHBANK VIC 3006
By email
Dear Michael
Crown Resorts Limited (the "Entity'') - ASX Price Query
We have noted a change in the price of the Entity's securities from a close of $10.65 yesterday to $12.14 at the time .of writing. We have also noted media speculation this afternoon that Mr James Packer's Consolidated Press Holdings Pty Ltd is intalks with parties about a possible joint bid for the Entity (the "Media Speculation").
In light of the price change and Media Speculation, ASX asks you to respond separately to each of the following questions:
Is the Entity aware of any information concerning it that has not been announced to the market which, if known by some in the market, could explain the recent trading in its securities?
In responding to this question, please:
Comment specifically on the Media Speculation; and
Consider whether the Entity is aware of any information that its earnings for the 6 month period ending on 31 December 2015:
are likely to differ materially (downwards or upwards) from any earnings guidance it has given for the period; or
if the Entity has not given any earnings guidance for the period, are otherwise likely to come as a surprise to the market (by reference to analyst forecasts for the period or, if the Entity is not covered by analysts, its earnings for the prior corresponding period)?
If the answer to questio n (a) an/o_r (b) is "yes":
Is the Entity relying on Listing Rule 3. A not to announce that information under Listing Rule 3.1?
Please note that the recent trading in the Entity's securities would suggest to ASX that such information may have ceased to be confidential and therefore the Entity may no longer be able
ASX Compliance Pty Limited
ABN 26 087 780 489
Level 4, North Tower, Rialto www.asx.com.au
525 Collins Street Customer service 13 12 79
Melbourne VIC 3000
+ 61 3 9617 7842
James.gerraty@asx.com .au
ASX
to rely on Listing Rule 3. A. Accordingly, if the answer to this question is "yes",you need to
contact us immediately to discuss the situation.
Can an announcement be made immediately?
Please note, if the answer to this question is "no", you need to contact us immediately to discuss requesting a trading halt (see below).
If an announcement cannot be made immediately, why not and when is it expected that an announcemant will be made?
If the answer to question 1is "no", is there any other explanation that the Entity may have for the recent trading in its securities?
Please confirm that the Entity is in compliance with the Listing Rules and, in particular, Listing Rule 3.1. When and where to send your response
This request is made under, and in accordance with, Listing Rule 18.7. Your response is required as soon as reasonably possible and, in any event, by not later than 9.30am. AEDT tomorrow, 17 December 2015. If we do not have your response by then, ASX will have no choice but to consider suspending trading in the Entity's securities under Listing Rule 17.3.
You should note that if the information requested by this letter is information required to be given to ASX under Listing Rule 3.1and it does not fall within the exceptions mentioned in Listing Rule 3. A, the Entity's obligation is to disclose the information "immediately''. This may require the information to be disclosed before the deadline set out in the previous paragraph.
ASX reserves the right to release a copy of this letter and your response on the ASX Market Announcements Platform under Listing Rule 18.7A. Accordingly, your response should be in a form suitable for release to the market.
Your response should be sent to me by e-mail or by facsimile. It should not be sent directly to the ASX Market Announcements Office. This is to allow me to review your response to confirm that it is in a form appropriate for release to the market, before it is published on the ASX Market Announcements Platform.
Listing Rule 3.1
Listing Rule 3.1 requires a listed entity to give ASX immediately any information concerning it that a reasonable person would expect to have a material effect on the price or value of the entity's securities. Exceptions to this requirement are set out in Listing Rule 3.lA.
The obligation ofthe Entity to disclose information under Listing Rules 3.1 and 3.lA is not confined to, nor is it necessarily satisfied by, answering the questions set out in this letter.
S:MELBOURNE COMPANIESMEL - Code CCWNCWN2015.12.16L-jg.dotm Page 2
Crown Resorts Limited issued this content on 2015-12-17 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 2015-12-16 23:53:17 UTC
Original Document: http://www.crownresorts.com.au/Investors-Media/ASX-Media-Releases/2015/17-12-2015-Response-to-Price-Query
