3rd Feb 2016 09:00
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM UNITED STATES, AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH IT WOULD BE UNLAWFUL TO DO SO.
The Hotel Corporation plc
(the "Company" or "HCP")
Result of Round 1 of the Open Offer
Further to the Company's announcement on 15 January 2016, HCP is pleased to announce the result of Round 1 of the Open Offer. The Company has received valid acceptances for 649,675 Open Offer Shares from Qualifying Shareholders, representing approximately 5.2 per cent. of the Open Offer Shares available.
Accordingly, 11,805,090 of the Open Offer Shares will be available under the Excess Application Facility as Excess Shares under Round 2 of the Open Offer. Only Qualifying Shareholders who have taken up their Open Offer Entitlements in full under Round 1 of the Open Offer are entitled to participate in Round 2 of the Open Offer.
Details of Round 2 of the Open Offer, including its terms and conditions are set out in the Circular (defined below). Qualifying non-CREST Shareholders who are entitled to participate in Round 2 of the Open Offer can apply for Excess Shares by using the Round 2 Application Form which is expected to be posted to such entitled persons later today. For Qualifying CREST Shareholders who are entitled to participate in Round 2 of the Open Offer, Excess CREST Open Offer Entitlements are expected to be credited to stock accounts in CREST at 8.00 a.m. on 4 February 2016.
The timetable of expected events for the Proposals is set out below.
Capitalised terms used but not defined in this announcement bear the meanings ascribed to them in the circular dated 15 January 2016 (the "Circular"). The Circular is available on the Company's website at www.thehotelcorporation.co.im.
EXPECTED TIMETABLE OF PRINCIPAL EVENTS
Posting of Application Form for Round 2 of the Open Offer (only to shareholders who took up full entitlement in Round 1 of the Open Offer) | 3 February 2016 |
Excess (Round 2) Open Offer Entitlements credited to stock accounts in CREST of Qualifying CREST Shareholders | By 4 February 2016 |
Latest time and date for receipt of Forms of Proxy | 11.00 a.m. on 6 February 2016 |
Extraordinary General Meeting | 11.00 a.m. on 8 February 2016 |
Announcement of results of the Extraordinary General Meeting | 8 February 2016 |
Capital Reorganisation Record Date (every 20 or more Existing Ordinary Shares of 5p each will be consolidated into one Consolidated Ordinary Share of 100p each; each Consolidated Ordinary Share will then be sub-divided into one New Ordinary Share of 1p each and one Deferred Share of 99p each) | close of business on 8 February 2016 |
Amendment and admission of ordinary shares (post Capital Reorganisation) | 8.00 a.m. on 9 February 2016 |
Latest recommended time and date for requesting withdrawal of Excess Open Offer Entitlements from CREST | 4.30 p.m. on 17 February 2016 |
Latest time and date for depositing Open Offer Entitlements (Round 2) into CREST | 3 p.m. on 19 February 2016 |
Latest time and date for splitting Round 2 Application Forms (to satisfy bona fide market claims only) | 3 p.m. on 19 February 2016 |
Latest time and date for receipt of completed Round 2 Application Forms and payment in full under Round 2 of the Open Offer or settlement of relevant CREST instruction (as appropriate) | 3 p.m. on 22 February 2016 |
Expected time and date of announcement of results of Round 2 of the Open Offer | 7.00 a.m. on 23 February 2016 |
Admission effective and dealings in the New Ordinary Shares (i.e. all the Open Offer shares) commence | 8.00 a.m. on 25 February 2016 |
Expected date for crediting of New Ordinary Shares in uncertificated form to CREST stock accounts | 8.00 a.m. on 25 February 2016 |
Expected date of despatch of share certificates in respect of New Ordinary Shares in certificated form | within 10 business days of Admission |
Notes:
(1) The dates set out in the timetable above and mentioned throughout this announcement may be adjusted by the Company which event details of the new dates will be notified to AIM and, where appropriate, to Shareholders.
(2) All references to time in this announcement are to time in London.
For further information:
The Hotel Corporation plc
Derek Short / David Craine
+44 (0) 1624 626586
Sanlam Securities UK Limited (Nomad and Broker to the Company)
Simon Clements / James Thomas
+44 (0) 20 7628 2200
Shore Capital (Financial Adviser and Broker to the Capital Raising)
Pascal Keane / Patrick Castle
+44 (0) 20 7408 4090
Disclaimer
Sanlam Securities UK Limited, which is authorised and regulated in the UK by the Financial Conduct Authority, is acting as Nominated Adviser exclusively for the Company in connection with the Capital Raising and will not be responsible to any person other than the Company for providing the protections afforded to its customers or for advising any other person on the contents of this announcement or any matter, transaction or arrangement referred to herein. The responsibilities of Sanlam Securities UK Limited as the Company's nominated adviser under the AIM Rules for Nominated Advisers are owed solely to the London Stock Exchange and are not owed to the Company or to any Director, Shareholder or any other person.
Shore Capital & Corporate Limited which is authorised and regulated in the UK by the Financial Conduct Authority, is acting as financial adviser exclusively for the Company in connection with the Capital Raising and will not be responsible to any person other than the Company for providing the protections afforded to its customers or for advising any other person on the contents of this announcement or any matter, transaction or arrangement referred to herein.
Shore Capital Stockbrokers Limited, which is authorised and regulated in the UK by the Financial Conduct Authority, is acting as broker to the Company in connection with the Placing and will not be responsible to any person other than the Company for providing the protections afforded to its customers or for advising any other person on the contents of this announcement or any matter, transaction or arrangement referred to herein.
This announcement has been issued by the Company and is the sole responsibility of the Company. No representation or warranty, express or implied, is or will be made as to, or in relation to, and no responsibility or liability is or will be accepted by Sanlam Securities UK Limited, Shore Capital & Corporate Limited, Shore Capital Stockbrokers Limited or by any of its affiliates or agents as to, or in relation to, the accuracy or completeness of this announcement or any other written or oral information made available to or publicly available to any interested party or its advisers, and any liability therefore is expressly disclaimed.
Related Shares:
SIPP.L