Completion Acquisition
16 May 2012
PPHE Hotel Group Limited
("PPHE Hotel Group" or "the Company")
Completion Acquisition
Further to the announcement dated 30 March 2012, the Company is pleased to announce that it has completed the acquisition of the remaining 50% interests in, and related loan to, Park Plaza Amsterdam Airport, Park Plaza Victoria Amsterdam, Park Plaza Utrecht and the art'otel amsterdam project from a subsidiary of Elbit Imaging Limited ("Elbit").
The Company has successfully secured a new €12.0 million term loan with Bank Hapoalim B.M. to part fund the cash consideration in relation to the acquisition. The remainder of the cash consideration was financed from existing facilities.
Application has also been made for the admission of 700,000 new ordinary shares in the Company, which are being issued to Elbit as consideration shares ("Consideration Shares"), to the standard listing segment of the Official List of the UKLA and to trading on the Main Market of the London Stock Exchange, which is anticipated to be on 17 May 2012.
The Consideration Shares will rank pari passu with the existing ordinary shares of no par value in the Company in all respects.
Following admission of the Consideration Shares, the Company's issued share capital (excluding treasury shares) will consist of 41,715,292 ordinary shares of no par value each. This figure of 41,715,292 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or change to their interest in, PPHE Hotel Group under the FSA's Disclosure and Transparency Rules. The number of shares held in treasury remains 1,662,000.
Commenting on the acquisition and financing, Boris Ivesha, Chief Executive Officer of PPHE Hotel Group, said:
"We are delighted to announce the completion of this transaction which results in PPHE Hotel Group owning 100 per cent of Park Plaza Victoria Amsterdam, Park Plaza Utrecht, Park Plaza Amsterdam Airport and the art'otel amsterdam project. Our experienced management team remains as always focused on delivering great facilities and service to our customers."
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Enquiries: PPHE Hotel Group Limited |
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Investec Bank plc |
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Liberum Capital Limited |
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Hudson Sandler |
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Note to editors:
PPHE Hotel Group Limited (formerly Park Plaza Hotels Limited) owns, leases, develops, operates and franchises full service upscale and lifestyle hotels in major gateway cities and regional centres, predominantly in Europe. The majority of the Group's hotels operate under two distinct brands, Park Plaza® Hotels & Resorts and art'otel®.
The group has an exclusive licence from Carlson, a global privately held hospitality and travel company, to develop and operate Park Plaza® Hotels & Resorts in Europe, the Middle East and Africa. The art'otel® brand is fully owned by PPHE Hotel Group and it has a minority ownership interest in the Arenaturist group, one of Croatia's leading hospitality companies.
Through its strategic partnership with Carlson, PPHE Hotel Group has access to their powerful reservation and distribution system, loyalty programmes such as Club CarlsonSM for guests and Look To BookSM for travel agents, 23 airline partnerships and cross-selling opportunities.
The portfolio of owned, leased, managed and franchised hotels comprises 38 hotels offering a total of 8,376 rooms. The development pipeline includes three new hotels and two mixed-use developments, which together are expected to add approximately a further 900 rooms to the portfolio by the end of 2014.
PPHE Hotel Group's shares are admitted to trading on the main list of the LSE (Standard Listing).
Our company:
www.pphe.com/ www.parkplazahotels.net
Our brands:
For images and logos visit www.vfmii.com/parkplaza
Join us online: www.pphe.com/socialmedia
This information is provided by RNS
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