Results of Open Offer
PEEL HOTELS PLC
31 August 1999
PLACING AND OPEN OFFER - RESULTS OF OPEN OFFER
The Company announces that the Open Offer of 2,166,666 new Ordinary Shares,
made pursuant to the Placing and Open Offer by Peel Hunt of 10 August 1999,
closed at 3.00 p.m. today. As at that time, acceptances had been received
from qualifying shareholders in respect of 891,642 new Ordinary Shares. This
level of acceptances represents approximately 41.2 per cent. of the 2,166,666
shares available under the Open Offer and 73.0 per cent of the 1,221,666
shares available after excluding the 945,000 new Ordinary Shares to which
Robert Peel, the Chairman of the Company, was entitled and which he undertook
not to take-up under the Open Offer (such shares having been placed firm under
the placing agreement).
The Open Offer shares which have not been taken up by qualifying shareholders
will be taken up by placees under the placing agreement.
As previously announced, admission of the new Ordinary Shares to AIM is
expected to take place and dealings are expected to commence on 6 September
1999.
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