Transfer of shares

RNS Number : 1018R

Park Plaza Hotels Limited

28 October 2011

 



28 October 2011

Park Plaza Hotels Limited

("Park Plaza" or the "Company")

Transfer of shares in the Company by Park Plaza Holdings B.V. to its shareholders

The Company was yesterday notified that Park Plaza Holdings B.V. ("PPHL Holdings"), a company owned as to 70% by interests of Eli Papouchado (the Company's Chairman) and as to 30% by interests of Boris Ivesha (the Company's CEO) , has  transferred 294,997 of its holding of 421,424 shares in the Company (representing 70% of its total holding)  to Euro Plaza Holding B.V., a member of the Red Sea group ("Red Sea"), which is ultimately controlled by Mr Papouchado (acting in his capacity as trustee of an endowment established for the benefit of members of his family). PPHL Holdings has transferred its remaining 126,427 shares in the Company to a wholly owned subsidiary of Molteno Limited ("Molteno"), a company controlled by the Princeton Trust, a discretionary trust for the benefit of Mr Ivesha's family. The transfers  allow Red Sea and Molteno to account separately for their individual holdings rather than aggregate them as was the case prior to the transfers.

As a result of the buy-back of shares announced by the Company on 26 October 2011 and these transfers, Red Sea and  Molteno now have the following interests in Park Plaza:

	Position before share buyback and PPHL Holdings' transfers			Post - Share Buyback			Post - Share buyback and PPHL Holdings' Transfers
Shareholder	Shares	% of Total		Shares	% of Total		Shares	% of Total
Euro Plaza Holding BV	18,257,717	43.66%		18,257,717	44.51%		18,552,714	45.23%
PPHL Holdings BV	421,424	1.01%		421,424	1.03%		-	-
TOTAL Red Sea	18,679,141	44.67%		18,679,141	45.54%		18,552,714	45.23%
Molteno Ltd	7,863,600	18.81%		7,863,600	19.17%		7,990,027	19.48%
PPHL Holdings BV	421,424	1.01%		421,424	1.03%		-	-
TOTAL Molteno	8,285,024	19.81%		8,285,024	20.20%		7,990,027	19.48%
TOTAL RS and Molteno	26,964,165	64.48%		26,964,165	65.74%		26,542,741	64.71%

Contacts:

Park Plaza Hotels Limited	[phone]
Chen Moravsky, Chief Financial Officer
Hudson Sandler	[phone]
Wendy Baker / Kate Hough

Notes to Editors

About Park Plaza:

Park Plaza Hotels Limited owns, leases, develops, manages and franchises primarily full service four-star, four-star deluxe and contemporary lifestyle hotels in major gateway cities and regional centres primarily in Europe.  The majority of the Group's hotels operate under the Park Plaza Hotels & Resorts brand (part of Carlson), over which the Group has exclusive rights in 56 countries in Europe, the Middle East and Africa, or art'otel, a brand which Park Plaza fully owns. 

Through its strategic partnership with Carlson, one of the world's largest travel and hospitality companies, Park Plaza has access to Carlson's powerful reservation and distribution system, airline partnerships with 22 airlines, loyalty programmes such as Club Carlson^SM for guests and look to book^® for travel agents and cross-selling opportunities. 

The Group currently has 25 Park Plaza hotels and art'otels, with 5,447 rooms in operation. New projects under development include Park Plaza Nuremberg (2013), art'otel amsterdam (2012), a 61-room extension of art'otel berlin city center west (2012) and art'otel london hoxton (2013).

Park Plaza also part owns Arenaturist, one of Croatia's leading hospitality companies, and operates 8 hotels and 5 apartment complexes (with a total of 2,868 rooms) and 7 campsites in Istria, Croatia.

The Red Sea group (which is ultimately controlled by Eli Papouchado, the Company's Chairman, acting in his capacity as trustee of an endowment established for the benefit of members of his family) and Molteno Limited (in which Boris Ivesha, the Company's CEO, is interested) are deemed to be acting in concert for the purposes of Rule 9 of the City Code on Takeovers and Mergers (the "Code"). Together they hold more than 50% of Park Plaza's voting rights and (for so long as they continue to be treated as acting in concert) may accordingly increase their aggregate interest in Shares of Park Plaza without incurring any obligation under Rule 9 of the Code to make a general offer, although individual members of the concert party will not be able to increase their percentage interest in shares through or between a Rule 9 threshold without Takeover Panel consent.

Park Plaza's shares are admitted to trading on the main market of the London Stock Exchange (Standard Listing).

Our Brands:	Our Company:
www.parkplaza.com	www.parkplazahotels.net
www.artotels.com
www.arenaturist.com

For images and logos visit www.vfmii.com/parkplaza

 

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