Force Corp to rebrand as Sky City Leisure

By NZPA

Wednesday 18th September 2002

Troubled but recovering Force Corp said today it would rebrand as Sky City Leisure, reflecting Sky City Entertainment's 60 percent control of the film distributor.

Force Cinemas would become Sky City Cinemas and the Force Entertainment Complex in Auckland would become Sky City Metro.

The company also announced a 25-for-one consolidation of its shares.

The new brands would be phased in over coming months, Sky City managing director Evan Davies said.

He said Force Corp had made a positive contribution to the recent Sky City annual result with cinema revenues up 27 percent to $30 million and ebitda of $10.1 million.

It posted a bottom line net loss for the June year of $20.13 million, more than halving its previous annual deficit. The operating surplus before tax and unusual items was $2.28 million, compared with a $3.88 million deficit the previous year. Sky City's made a $27.9 million write-down resulting from Force Corp in its June year result.

Wellington lawyer and arts administrator David Gascoigne has been appointed chairman of Sky City Leisure.

He is the chairman of the New Zealand Film Production Fund and a previous chairman of the New Zealand Film Commission.

The share consolidation will reduce the number of shares on issue from the current 155 million to approximately 6.2 million.

The conversion ratio for the company's convertible notes will be adjusted proportionately from 50 ordinary shares for each MCN on conversion, to two.

Trading of the shares in their new form is expected to commence on October 7.

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