26th Mar 2012 07:00
RNS Number : 0183A
Hotel Corp (The) PLC
26 March 2012
The Hotel Corporation plc
Update re Investment in Puma Hotels
The Hotel Corporation plc (the "Company") is an AIM listed investment company owning 49.9% of Puma Hotels plc ("Puma Hotels"), owner of 20 four-star hotels across the UK. The hotels are leased to various UK subsidiary undertakings (together "the BCE Entities") of Barceló Corporación Empresarial S.A. ("BCE").
Further to the announcement dated 22 February 2012, the directors of Puma Hotels have informed the Company that Puma Hotels has signed a further agreement with BCE extending the expiry of the standstill arrangements from 25 March 2012 to 24 April 2012.
This extension to the standstill agreement states that BCE will on 23 March 2012, pay or procure payment by the BCE Entities to Puma Hotels of £2.25m plus VAT in part payment of the rents and VAT that would be payable from 25 March 2012 to 24 April 2012. The part payment (which has been received by Puma Hotels) is in consideration of Puma Hotels agreeing that it will not take any action before 25 April 2012 against the BCE entities in relation to non-payment of the full rents due for the period under any of the Leases.
The standstill agreement is expressly without prejudice to any other rights that Puma Hotels may have against BCE or the BCE Entities, including (without limitation) in relation to the unpaid sums due under the Leases.
A further announcement will be made in due course.
Enquiries
The Hotel Corporation plc 01624 626586
Barclay Douglas
Shore Capital and Corporate Limited 020 7408 4090
Anita Ghanekar / Toby Gibbs
This information is provided by RNS
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