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PPHE Hotel Grp Ltd (PPH)

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Wednesday 29 June, 2022

PPHE Hotel Grp Ltd

Share buyback programme

RNS Number : 5494Q
PPHE Hotel Group Limited
29 June 2022

 29 June 2022


This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014, as it forms part of domestic law by virtue of The European Union (Withdrawal) Act 2018. 

On publication of this information such information shall be considered to be in the public domain


PPHE Hotel Group Limited
("PPHE ", the "Company" or the "Group")

PPHE recommencing shareholder returns


Following the positive momentum in trading seen during the financial year to date and the easing of COVID restrictions across the geographies in which it operates, the Board of PPHE is pleased to announce that it is recommencing shareholder returns.


The Board yesterday approved the commencement of a share buyback programme in respect of its ordinary shares of nil par value ("Ordinary Shares") from the date of this announcement (the "Share Buyback Programme"). The Board also expressed an intention to consider favourably the declaration of a modest ordinary interim dividend (the "Ordinary Dividend") at or around the time of the upcoming interim results announcement.


As highlighted in the Group's trading update for the three months to 31 March 2022, published on 28 April 2022, the Group delivered positive trading performance in Q1 2022 with this positive trend continuing well into Q2 2022.


Following this positive start to the 2022 financial year, the Group balance sheet is strong and flexible enough to support both future growth opportunities and a resumption of returns to shareholders.


As set out in the Group's full year results to 31 December 2021, the Group's EPRA NRV per share stands at £22.15, a substantial premium to the current share price. In light of the current share price discount relative to the EPRA NRV per share, and following consultation with shareholders, the Board believes it would be in the best interests of shareholders to return a portion of capital to shareholders by means of the Share Buyback Programme.


The Share Buyback Programme, which is detailed below, is expected to commence immediately, whilst the declaration of the Ordinary Dividend will remain subject to the continuation of the positive trading conditions experienced so far this year. The Group will also update shareholders at the time of the interim results as to its future dividend policy over the short and medium term, as the Group seeks to strike the right balance between capturing future investment opportunities; ensuring the balance sheet is flexible enough to withstand any further external volatility whilst also seeking to deliver an attractive and growing income stream for shareholders.


Details of the Share Buyback Programme


PPHE announces that it has entered into an instruction with Jefferies International Limited ("Jefferies") in relation to the purchase by Jefferies, acting as principal during the period commencing on 29 June 2022 and ending no later than 29 June 2023 or, if earlier, such time that the Company's existing share buyback authorities expire being the Company's next AGM, of up to a maximum of 300,000 Ordinary Shares for an aggregate consideration (excluding expenses) of up to a maximum of £1,700,000 and the simultaneous on-sale of such Ordinary Shares by Jefferies to PPHE, following which they will be held in treasury to satisfy future share awards. For the purposes of the Share Buyback Programme, Jefferies will make its trading decisions concerning the timing of the purchases of Ordinary Shares independently of, and uninfluenced by, the Group.


The Share Buyback Programme will be conducted within certain pre-set parameters, and in accordance with the general authority to repurchase shares granted by shareholders at the 2022 Annual General Meeting, Chapter 12 of the UK Listing Rules and the provisions of the UK Market Abuse Regulation dealing with buyback programmes.


PPHE will announce any market repurchase of Ordinary Shares no later than 7.30 a.m. on the business day following the calendar day on which the repurchase occurred.


In accordance with the Rule 9 Waiver authority approved by shareholders at the recent AGM, the Concert Party do not intend to participate in the share buyback programme in respect of their shareholdings.





PPHE Hotel Group Limited Media Contacts

Daniel Kos, Chief Financial Officer & Executive Director

Robert Henke, Executive Vice President Commercial Affairs

Tel: +31 (0)20 717 8600

Hudson Sandler

Lucy Wollam

Charlotte Cobb

Nick Moore

Tel: +44 (0)20 7796 4133

[email protected]


Notes to Editors


PPHE Hotel Group is an international hospitality real estate company, with a 1.8 billion portfolio, valued as at December 2021 by Savills and Zagreb nekretnine Ltd (ZANE), of primarily prime freehold and long leasehold assets in Europe.


Through its subsidiaries, jointly controlled entities and associates it owns, co-owns, develops, leases, operates and franchises hospitality real estate. Its portfolio includes full-service upscale, upper upscale and lifestyle hotels in major gateway cities and regional centres, as well as hotel, resort and campsite properties in select resort destinations. The Group's strategy is to grow its portfolio of core upper upscale city centre hotels, leisure and outdoor hospitality and hospitality management platform.


PPHE Hotel Group benefits from having an exclusive and perpetual licence from the Radisson Hotel Group, one of the world's largest hotel groups, to develop and operate Park Plaza® branded hotels and resorts in Europe, the Middle East and Africa. In addition, PPHE Hotel Group wholly owns, and operates under, the art'otel® brand and its Croatian subsidiary owns, and operates under, the Arena Hotels & Apartments® and Arena Campsites® brands.


PPHE Hotel Group is a Guernsey registered company with shares listed on the London Stock Exchange. PPHE Hotel Group also holds a controlling ownership interest in Arena Hospitality Group, whose shares are listed on the Prime market of the Zagreb Stock Exchange.



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