24th Jul 2007 08:15
India Hospitality Corp.24 July 2007 For Immediate Release 24 July 2007 India Hospitality Corp. Announces Re-admission to Trading on AIM New York, NY. - July 24, 2007 - India Hospitality Corp. (LSE: IHC, IHC or IndiaHospitality), today announced that its ordinary shares and warrants have todaybeen re-admitted to trading on the AIM market of London Stock Exchange plcfollowing the completion of its acquisition of India-based Mars RestaurantsPrivate Limited (MRPL or Mars), an emerging hotel and restaurant company, andSkyGourmet Catering Private Limited (SCPL or SkyGourmet), an airline cateringcompany operating out of four locations in India, in a transaction involvingcash and shares and valued at approximately US $110 million. About Mars Mars was incorporated in 2000 by Mr. Sanjay Narang and his management team withthe objective of operating and managing restaurants. Since its incorporation,Mars has diversified into bakery outlets and operating and managing food courtsand hotels. For the nine months ended December 31, 2006, MRPL had auditedrevenues of approximately US $7.2 million. MRPL currently employs over 550people. About SkyGourmet SkyGourmet was incorporated in 2002 and is headquartered in Mumbai. SkyGourmetcurrently provides inflight catering services to a number of domestic andinternational airlines, including Jet Airways, Kingfisher Airlines, Air IndiaExpress, Indian Airlines, Malaysian Airlines and Air France. It has operationsin Mumbai, Bangalore, New Delhi and Pune. For the nine months ended December 31,2006, SCPL had audited revenues of approximately US $11.7 million. SkyGourmetcurrently has over 1,150 employees. About India Hospitality Corp. IHC is a blank-check company created to acquire Indian businesses or assets inthe hospitality, leisure, tourism, travel and related industries, including butnot limited to hotels, resorts, timeshares, serviced apartments and restaurants. In August 2006, IHC raised US $103 million in an IPO and private placement andis listed on AIM, a market operated by London Stock Exchange plc, under theticker IHC. The Company was sponsored and advised by Hayground Cove AssetManagement LLC, a New York-based investment management firm with approximatelyUS $2.8 billion in gross assets under management. For Further Information Contact: Investor Relations Contact: ICR Inc. William Schmitt 203-682-8200 Media Contact: Buchanan Communications Richard Darby, Isabel Podda, Susanna Gale +44 207 466 5000 Nominated Adviser and Broker: Deutsche Bank Mumtaz Naseem +44 20 7545 8000 Deutsche Bank AG is authorised under German Banking Law (competent authority:BaFin - Federal Financial Supervising Authority) and with respect to UKcommodity derivatives business by the Financial Services Authority; regulated bythe Financial Services Authority for the conduct of UK business. Deutsche Bankis acting exclusively for IHC and no-one else in connection with the acquisitionand related transactions and other matters referred to in this announcement andwill not be responsible to anyone other than IHC for providing the protectionsafforded to clients of Deutsche Bank AG nor for providing advice in relation tothe acquisitions and related transactions or any matter referred to in thisannouncement. Deutsche Bank is IHC's nominated adviser and broker for the purposes of the AIMRules for Companies. Its responsibilities as IHC's nominated adviser and brokerunder the AIM Rules for Nominated Advisers are owed solely to London StockExchange plc and not to IHC, any director of IHC or any other person. No offer or invitation to purchase or subscribe for ordinary shares in orwarrants to purchase or subscribe for ordinary shares or warrants of IHC isbeing made by this announcement. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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