6th Mar 2008 07:00
Travelzest plc06 March 2008 Date: 6 March 2008On behalf of: Travelzest plc ("Travelzest" or the "Company") For immediate release Travelzest plcIssue of exchangeable shares Travelzest, the online travel group offering specialist travel programmes,announces that, pursuant to the terms of the acquisition of iTravel2000.comannounced on 12 September 2006, Additional Consideration of 2,507,287Exchangeable Shares and a cash payment of CAD$ 4,750,000 has become payable tothe Vendors as a result of iTravel2000.com achieving its profit target for theyear ended 31 October 2007. No further consideration is payable to the Vendors. The Company now has 10,572,614 Exchangeable Shares in issue. The ExchangeableShares are required to be exchanged on a one for one basis for Ordinary Sharesin Travelzest before 16 October 2011. Enquiries: Travelzest plc 01442 874322Christopher Mottersheadwww.travelzestplc.com Investec 0207 597 5970Martin Smith/Erik Anderson Redleaf Communications 020 7822 0200Samantha Robbins/Anna Dunkin Definitions: "Acquisition" the acquisition of iTravel2000.com by Travelzest announced on 12 September 2006 "Additional Consideration" the contingent consideration to be paid by the Company to the Vendors following the audit of itravel2000.com for the year ending 31 October 2007 "CanCo" 6615716 Canada Inc., a company incorporated under the federal laws of the Province of British Columbia, Canada on 22 August 2006 "Company" or "Travelzest" Travelzest plc "ExchangeCo" 0763756 B.C. Ltd, a company incorporated under the laws of the Province of British Columbia, Canada in respect of which CanCo will own Exchangeable Shares "Exchangeable Shares" class A non-voting exchangeable shares issued by ExchangeCo to CanCo, which shares may, pursuant to the Exchangeable Share Provisions and the terms of the Exchange Agreement be exchanged for Ordinary Shares "iTravel2000.com" 1360944 Ontario Inc. (operating as itravel2000.com), a company incorporated under the laws of the Province of Ontario with Ontario registration number 01360944 "Ordinary Shares" Ordinary shares of 2 pence each in the Company "Vendors" the shareholders of itravel2000.com prior to the Acquisition being Shane G. Carroll, Jonathan G. Carroll, Jeffrey D. Mackenzie, J. Brian Hewlitt and CanCo Notes to Editors The Group currently comprises: itravel2000.com itravel2000.com was founded in 1994 and is an online travel agent specialisingin the sale of travel and travel related products. Sales are made throughvarious internet web sites and a customer call centre located in Mississauga,Ontario. The greater proportion of itravel2000.com's business is winter-based,thus providing counter-seasonal revenue to the predominantly summer-basedrevenues of Travelzest's businesses in Europe. www.itravel2000.com Holiday Express Holiday Express is one of the UK's leading on-line travel businesses. Itspecialises in both on-line travel fulfillment services and online travel sales.Holiday Express' retail business (acting as travel agent), provides packageholidays, charter flights and ski booking services, accounts for the vastmajority of its revenue and the remainder of its revenue is generated throughacting as a tour operator. Holiday Express owns a number of travel websitedomain names, including: - www.holiday.co.uk - www.flight.co.uk Fair's Fare Fair's Fare was established in 1995 and is the UK's leading firm of airfareanalysts, offering a unique travel planning service to both private and businessclients. The company seeks out the very best financial options, on all majorairlines, but primarily for long-haul travellers in the first and business classcabins of the world's leading airlines. VFB Holidays VFB Holidays is a long established, award winning tour operator, which providedholidays for approximately 24,000 passengers in its last financial year. VFB iscurrently contracted with the owners of approximately 350 holiday cottagesthroughout France for the summer season, and has booking arrangements with over150 hotels, most of which are privately owned and are located in rural orsemi-rural locations. VFB specialises in cottage holidays in France, but alsohas a number of other holiday programmes including: France a la Carte (hotelaccommodation), Corsica, Short Breaks, Escorted Tours and River Cruises. www.vfbholidays.com Best of Morocco Best of Morocco is a tour operator specialising in high quality, tailor-madeholidays to Morocco for individuals or small groups. It provides apersonalised service and it's highly experienced and knowledgeable staff helpeach customer select the hotels / resorts from their large range which areappropriate for the customer's desired style of holiday. Best of Morocco is thepremier agent for the Marathon des Sables, a foot race that takes place inMorocco in April each year, covering some 230km. Best of Morocco provides thelargest contingent of runners for the race each year. www.bestofmorocco.co.uk Peng Travel Peng Travel was formed in 1971 to arrange naturist holidays for the UK market.Since then, it has grown to become Britain's biggest naturist tour operator. Ithas unrivalled experience of naturist areas worldwide and has selected only thebest. The range of naturist holidays offered is unmatched by any other Britishtour operator. www.pengtravel.co.uk Faraway Holidays Faraway Holidays was launched by Travelzest in August 2006. It offers luxurytailor-made holidays and tours to top exotic destinations, including Vietnam,Cambodia, Bali and Thailand. Every destination offered by Faraway Holidayswill have been visited by at least one member of the sales team, ensuring thatcustomers receive informed and knowledgeable advice when planning their holiday. www.farawayholidays.co.uk The Malaysia Experience The Malaysia Experience, operated by Faraway Holidays, was acquired byTravelzest in February 2008. This extends Faraway Holidays expertise and localknowledge to be able to offer individually tailored holidays to destinationsacross Malaysia. www.malaysiaexperience.co.uk Tapestry Collection Travelzest acquired the assets of Tapestry Holidays and has launched arevitalised brand consisting of the very best of the Tapestry range. TheTapestry Collection will initially showcase the very best of Turkey and Cretefeaturing many of the most popular hotels, apartments and villas, together withsome exciting new properties. www.thetapestrycollection.com The Wow House Company Wow House Limited, trading as The Wow House Company, is a specialist UKaccommodation provider offering an exclusive portfolio of large, prestigioushouses to rent for short breaks in the UK. The company also offers acomprehensive event planning service. www.thewowhousecompany.co.uk Captivating Cuba Captivating Cuba is a tour operator specialising in quality tailor made holidaysto Cuba. It's highly experienced team provide customers with the very bestadvice regarding how to get the most from their visit to the largest Caribbeanisland. www.captivatingcuba.com JMB Travel JMB Travel Consultants Limited is a leading UK specialist in opera holidaysoffering an extensive range of destinations noted for their operas and musicfestivals. It has unrivalled experience in catering for the particular needs ofthe opera and music lover and has connections with every major opera house andmusic festival in Europe and a small section of North America.www.jmb-travel.co.uk This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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