Crown (CWN), the gambling business spin-off of defunct Publishing and Broadcasting (PBL) has fallen on its second day of listing, after yesterday displaying a promising debut.
Crown, which has a market capitalisation of $9.72 billion, is the new holding company for the PBL gaming and media businesses.
Last month PBL investors gave the OK to split the company's gambling assets and media businesses into two separately listed companies, effectively creating Crown (CWN) and Consolidated Media Holdings (CMH) which has taken in PBL's media interests.
Shareholders will receive up to $3.00 cash for each PBL share, which last traded on Friday at $20.80, plus a share in Crown and CMH.
Consolidated Press Holdings, the private company of the Packer family, will retain its 38% interest in both companies.
Crown owns Australia's largest casino, the Crown Casino in Melboune, as well as Perth's Burswood Casino, 41 per cent of Melco PBL Entertainment (Macau), a joint venture to build casinos in Macau with Hong Kong's Melco International Developments, as well as shares in other casinos in Canada, the US and the UK.
CMH, which is to be run by the former PBL chief executive John Alexander, holds a 25% stake in PBL Media, 25% of Foxtel, and 27% of online job advertiser Seek.
Shares in CMH will commence normal trading on December 17.
Yesterday Crown, which listed at $13.85 each, rose by 3% or 42 cents, to close up at $14.27.
Today the gambling business has not fared so well, falling below the initial listing price to close down by 3.64% or 52 cents at $13.75.
