25th Jul 2005 07:00
Crescent Hydropolis Resorts PLC22 July 2005 New York Isle of Man London Dubai Monaco PRESS RELEASE The Directors (Directors) of Crescent Hydropolis Resorts PLC (the Company)announce that on 20 July Crescent Hydropolis Holdings LLC (CHH), a NewYork-registered limited liability company, advised the Company of itsdistribution of all 60,000,298 ordinary shares of €0.01 each (Ordinary Shares)to the members of CHH for no consideration, and that as a result CHH is nolonger a shareholder of the Company. The Directors also announce that The Hydropolis Group LLC (HYG), a NewYork-registered limited liability company, has advised the Company that it hasdistributed to certain of its members for no consideration 4,462,500 OrdinaryShares representing 5.53%. HYG continues to hold 2,412,500 Ordinary Sharesrepresenting 2.99%. The distribution of CHR's Ordinary Shares by CHH has raised the shareholdings ofKlaus Foerster "Poseidon Account", Klaus Foerster "Apollo Account" and KlausFoerster "Neptune Account" to 34,300,149 Ordinary Shares, 10,250,000 OrdinaryShares and 12,125,000 Ordinary Shares respectively representing 42.50%, 12.70%and 15.02% of the Company's interests respectively. Mr Foerster holds theseinterests in trust. Further, as a result of the distributions, the Company's Executive Chairman andDirector, Mr Joachim Hauser, due to his connections with the beneficiaries ofthe Poseidon Account, Apollo Account and Neptune Account, is interested in46,425,149 Ordinary Shares representing 57.52% of the Company's interests,reduced from 66,375,149 Ordinary Shares representing 83.62% of the Company'sinterests prior to distribution. Further, as a result of the distributions, the Company's Chief Executive andDirector, Mr Mansoor Ijaz, has raised his direct shareholding interests in theCompany to 2,625,000 Ordinary Shares representing 3.25%. Additionally, The IjazGroup Inc, a company controlled by Mr Ijaz for the benefit of his minorchildren, now holds 600,149 Ordinary Shares representing 0.74%. By virtue ofthe fact that The Crescent Investment Group Inc (CIG) serves as minoritymanaging member and tax matters partner of HYG, and by virtue of the fact thatMr Ijaz is a principal shareholder of CIG, Mr Ijaz is affiliated indirectly withHYG. HYG and certain persons connected, associated or affiliated with HYG formthe Apollo Investors whose interests have been specified above under KlausFoerster "Apollo Account". As principal shareholder of CIG which serves asminority managing member of HYG, Mr Ijaz's shareholding interests are deemed toinclude the interests of HYG held through Klaus Foerster "Apollo Account" andamount to 13,725,149 Ordinary Shares in aggregate representing a sum total of17.01% when taken together with his direct shareholding interests and those ofpersons connected to him in the Company. Director Richard Armstrong retains a 0.54% interest in the Company arising fromthe 437,500 Ordinary Shares held by his wife, Pamela Armstrong. Directors Joachim Kundt and Laurence Keenan have no shareholding interests inthe Company. As a result of the distributions, CHH founding member Suhail Al Dhaheri hasincreased his holdings to 3,525,000 Ordinary Shares, representing 4.37% of theCompany's interests and has therefore entered into a Lock-In Agreement with theCompany's Nominated Adviser. For further information contact:- Mansoor Ijaz Tel:- 07717 333 137 (Chief Executive) This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Citius Resources