4th Jun 2009 07:00
The Hotel Corporation PLC ("The Hotel Corporation" or the "Company")
Notice of EGM and posting of circular
The Board of The Hotel Corporation, whose principal asset is a 49.9% stake in Puma Hotels plc ("Puma Hotels"), announces the posting of a circular (the "Circular") and notice of Extraordinary General Meeting (the "EGM") to its Shareholders. The Company also confirms its intention to raise new funds through a placing of new Ordinary Shares of 5p each ("Placing Shares") for cash with institutional and other investors (the "Placing").
The Company is seeking approval from Shareholders to disapply existing pre-emption rights to facilitate a placing through Shore Capital Stockbrokers. The net proceeds of the Placing will largely be used to finance a follow-on investment in Puma Hotels.
Details of the Placing
The Company is seeking authority to issue shares through a placing of up to 25 million Placing Shares for cash with institutional and other investors. Shore Capital Stockbrokers is acting as placing agent to the Company. The Placing will not be underwritten. The Placing Shares will be placed with investors at a price to be announced.
Upon issue, the Placing Shares will rank pari passu with the existing Hotel Corporation Ordinary Shares, including, in each case, the right to receive dividends and other distributions declared, paid or made after their respective issue. Application will be made for the Placing Shares to be admitted to trading on AIM. Conditional upon the passing of the required resolution at the Extraordinary General Meeting of the Company to be held on 26 June 2009, dealings in the Placing Shares are expected to commence on 29 June 2009.
Further announcements in relation to the Placing will be made by the Company in accordance with the AIM Rules for Companies.
Extraordinary General Meeting
An Extraordinary General Meeting of the Company ("EGM") has been convened and will be held at Burleigh Manor, Peel Road, Douglas, Isle of Man, IM1 5EP at 10:30 a.m. on Friday 26 June 2009. A special resolution to disapply pre-emption rights in relation to the issue of the Placing Shares will be proposed at the EGM.
Enquiries:
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The Hotel Corporation Barclay Douglas |
Telephone: 020 7638 9571 |
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Shore Capital and Corporate Limited Graham Shore / Dru Danford |
Telephone: 020 7408 4090 |
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Related Shares:
SIPP.L