5th May 2005 12:57
Whitbread PLC05 May 2005 5 May 2005 Whitbread completes hotels tranfer Whitbread PLC announces that it has today completed the transfer of itsfranchised Marriott hotels business to a newly formed 50/50 joint venture withMarriott International. As consideration for the transfer Whitbread hasreceived an initial payment of approximately £710m in cash and 50% of the jointventure's ordinary and preferred share capital as well as deferredconsideration. Whitbread expects total proceeds from the transaction of atleast £1billion. As previously announced, a special dividend of 135p per ordinary share will bepaid on 20th May 2005 to shareholders on the register on 13th May 2005 and aconsolidation of the share capital will take effect so that shareholders on theregister at the close of business on 13th May 2005 will exchange seven existingordinary shares for six new ordinary shares. For more information please contact: Investor Relations: Dan Waugh, Whitbread PLC +44 (0) 20 7806 5442; +44 (0) 7799 581763(m) Press Contacts: Anna Glover, Whitbread PLC +44 (0) 7747 766 958 Abigail Langan, Whitbread PLC +44 (0) 7799 347 674 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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