Amendment of Shareholders Agreement

RNS Number : 4768I

PPHE Hotel Group Limited

09 August 2019

 

9 August 2019

PPHE Hotel Group Limited

(the "Company")

Amendment of Shareholders Agreement

Further to the announcement of the Company's transfer to a premium listing released on 28 June 2018 (the "Announcement"), the Company announces that the Red Sea Parties and the Ivesha Parties have amended certain terms of the existing Shareholders Agreement, so that for so long as, inter alia, the combined interests of the Ivesha Parties and the Red Sea Parties in the Company are not less than 30% and the Red Sea Parties' interest in the Company is at least 20% of the total number of ordinary shares in the share capital of the Company ("Ordinary Shares") then in issue (excluding, in both cases, Ordinary Shares held in treasury), (i) on any resolution to be considered at a general meeting of the shareholders of the Company, all Ordinary Shares held by the Ivesha Parties shall be voted in a manner which is consistent with the votes cast by, or on behalf of, the Red Sea Parties in respect of that resolution and (ii) the Ivesha Parties shall not transfer to a third party any Ordinary Shares held by them without the prior written consent of Red Sea Parties, subject to certain exceptions.  In addition, the Red Sea Parties no longer require the prior written consent of the Ivesha Parties to transfer any Ordinary Shares held by them to a third party.   

Capitalised terms used but not defined in this announcement shall have the meanings given to such terms in the Announcement.

Enquiries:

PPHE Hotel Group Limited
Daniel Kos, Chief Financial Officer & Executive Director Robert Henke, Executive Vice President of Corporate Affairs	Tel: [phone]
Tulchan
David Allchurch / Will Palfreyman	0207 353 4200

Notes to editors

PPHE Hotel Group Limited, is an international hospitality real estate company, with a £1.6 billion portfolio (valued as at summer of 2018) of primarily prime freehold and long leasehold assets in Europe.

PPHE Hotel Group's guiding principle is to generate attractive returns from operations and long-term capital appreciation.

Through its subsidiaries, jointly controlled entities and associates it owns, co-owns, develops, leases, operates and franchises hospitality real estate. Its primary focus is 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.

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. This multi-brand approach enables PPHE Hotel Group to develop and operate properties across several segments of the hospitality market.

PPHE Hotel Group is one of the largest owner/operators of hotels in central London and its property portfolio comprises of 38 hotels and resorts in operation, offering a total of approximately 8,800 rooms and 8 campsites, offering approximately 6,000 units. PPHE Hotel Group's development pipeline includes two new hotels in London and one in New York City which are expected to add an additional 600 rooms by the end of 2022/2023.

PPHE Hotel Group is a Guernsey registered company with shares listed on the London Stock Exchange and a constituent of the FTSE 250. 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.

Company websites:

www.pphe.com 

www.arenahospitalitygroup.com

For reservations:

www.parkplaza.com

www.artotels.com

www.arenahotels.com 

www.arenacampsites.com 

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

 

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