Notice of General Assembly

RNS Number : 1327X

PPHE Hotel Group Limited

17 February 2017

 

17 February 2017

PPHE Hotel Group Limited
("PPHE Hotel Group")

Notice of General Assembly of Arenaturist

PPHE Hotel Group, which together with its subsidiaries (the "Group") owns, leases, develops, operates and franchises full service upscale and lifestyle hotels in major gateway cities, regional centres and select resort destinations, predominantly in Europe, announces that its 77.1% owned subsidiary, Arenaturist d.d. ("Arenaturist"), has today published a notice convening a general assembly of its shareholders to be held on 22 March 2017 (the "General Assembly") to approve, amongst other things:

1.   a capital increase by way of a non-preemptive public offering of new shares in Arenaturist (the "Proposed Offering");

2.   to list those shares issued in connection with the capital contribution (as announced by PPHE Hotel Group on 23 December 2016) and those shares issued in connection with the Proposed Offering on the Official Market of the Zagreb Stock Exchange; and

3.   to change the name of Arenaturist to Arena Hospitality Group d.d..

Should the Proposed Offering proceed and be successful, Arenaturist intends to use the net proceeds to concentrate on successfully fulfilling its strategy (as set out below) as well as excercising its option to acquire the remaining 12% of the shares in Sugarhill Investments B.V. as such option was previously announced by PPHE Hotel Group on 23 December 2016.

The Proposed Offering would be a further step in the execution of Arenaturist's strategy of strengthening and developing its business and market position in the upscale and upper upscale segments of the hospitality market, primarily within Croatia and Germany.  Arenaturist intends to offer a high quality product by upgrading and/or rebranding that part of its current portfolio which hasn't been refurbished and by further expansion.  Arenaturist continues to identify investment, development, joint venture and management contract opportunities primarily within Croatia and Germany and also within the 18 countries of Central Eastern and South Eastern Europe where it holds an exclusive licence to use the Park Plaza^® brand.  The Board of Directors of PPHE Hotel Group expect this strategy to create and realise shareholder value.

Subject to the approval by the General Assembly and all required regulatory approvals, the Management Board of Arenaturist will determine the timing and terms of the Proposed Offering, depending on market conditions and other factors at the time.  However, there can be no assurance that the Proposed Offering, even if approved by the General Assembly, will proceed at all or as to the terms of any such Proposed Offering.

This announcement does not constitute an offer to sell, or the solicitation of an offer to buy or subscribe for, any securities in Arenaturist.

This announcement contains inside information for the purposes of Article 7 of Regulation 596/2014.

A copy of the notice of General Assembly can be downloaded from www.Arenaturist.com

Enquiries

PPHE Hotel Group Limited
Chen Moravsky, Deputy Chief Executive Officer and Chief Financial Officer	Tel: [phone]
Hudson Sandler LLP
Wendy Baker / Jocelyn Spottiswoode	Tel: [phone]

Notes to editors

The Company is a Guernsey registered company and through its subsidiaries, jointly controlled entities and associates, owns, leases, operates, franchises and develops full-service upscale and lifestyle hotels in major gateway cities, regional centres and select resort destinations, predominantly in Europe.

The Group's hotels operate under three distinct brands, Park Plaza® Hotels & Resorts, art'otel® and Arenaturist. The Group has an exclusive licence from Carlson Hotels, one of the world's largest hotel groups, to develop and operate Park Plaza® Hotels & Resorts in Europe, the Middle East and Africa.

The art'otel® brand is wholly owned by the Group.

The Group has a controlling (77.1% of the share capital) ownership interest in the Arenaturist group, one of Croatia's leading hospitality companies.

The Group's portfolio of owned, leased, managed and franchised hotels comprises 39 hotels offering a total of over 9,000 rooms. The Group's development pipeline includes three new hotels, which together are expected to add over 200 rooms in 2017 and an additional 500 rooms by the end of 2019.

Our Company:
www.pphe.com

Our Hotel Brands:
www.parkplaza.com
www.artotels.com
www.arenaturist.com 

 

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