New World returns 11 SKIES; UBS and Citi see it as positive

UBS and Citi assessed the agreement for New World to return 11 SKIES to the Airport Authority as positive news. UBS said that with the shadow cast by 11 SKIES over New World lifted, it expected the arrangement to pave the way for New World's rights issue and share placement; the bank said New World's existing share base is relatively small, and if it fails to raise new shares, this would limit the Airport Authority's ability to exercise its share purchase option to buy New World shares held by Chow Tai Fook Enterprises.