Purchase of Shares

RNS Number : 0384L

PPHE Hotel Group Limited

29 August 2012

 



29 August 2012

PPHE Hotel Group Limited

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

Purchase of Shares

Acquisition

In accordance with DTR 5.6.1A, PPHE Hotel Group announces that it has today purchased 200,000 of its own ordinary shares of no par value ("Shares") representing 0.48 per cent of the Company's voting rights immediately prior to such purchase at a price of 210p per Share (the "Buy-back").

As at today's date, PPHE Hotel Group's total issued share capital is 43,377,292 Shares. As a result of the Buy-back, a further 200,000 Shares are held in treasury, making the total number of Shares now held in treasury 1,862,000 Shares.

Therefore, the total number of voting rights in PPHE Hotel Group is now 41,515,292.

The above figure of voting rights of 41,515,292 should be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, PPHE Hotel Group under the FSA's Disclosure and Transparency Rules.

Takeover Code

The Red Sea group (which is ultimately controlled by Mr Eli Papouchado, the Company's Chairman, acting in his capacity as trustee of an endowment established for the benefit of members of his family) was immediately prior to the Buy-back interested in 44.47 per cent. of the Company. As a result of the Buy-back, the Red Sea group (together with Mr Papouchado) is subject to Note 4 on Rule 37.1 of the City Code on Takeovers and Mergers (the "Code"), as it holds over 30% but less than 50% of the Shares. The Company has consulted with the Takeover Panel, which has confirmed that the Red Sea group and Mr Papouchado and his connected parties are not required to make an offer under Rule 9 of the Code for the remaining issued share capital of the Company.

Contacts:

PPHE Hotel Group Limited	[phone]
Chen Moravsky, Chief Financial Officer
Hudson Sandler	[phone]
Wendy Baker / George Parker

Notes to Editors

About PPHE Hotel Group:

PPHE Hotel Group (formerly Park Plaza Hotels Limited) 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 and regional centres predominantly in Europe.

The majority of the Group's hotels operate under two distinct brands, Park Plaza^(R) Hotels & Resorts and art'otel^(R). The Company has an exclusive licence from Carlson^(SM), a global privately owned hospitality and travel company, to develop and operate Park Plaza^(R) Hotels & Resorts in Europe, the Middle East and Africa. The art'otel^(R) brand is fully owned by the Company.

The Group has a minority ownership interest in the Arenaturist group, one of Croatia's leading hospitality companies. Our portfolio of owned, leased, managed and franchised hotels comprises 39 hotels offering a total of more than 8,300 rooms. Our development pipeline includes three new hotels and two mixed-use developments, which together are expected to add nearly 900 rooms to the portfolio by the end of 2014.

 

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