11 July
2024
PPHE Hotel Group
Limited
("the Company" or
"PPHE")
Share
buyback programme
PPHE Hotel Group Limited
announces the commencement of a share buyback
programme in respect of its ordinary shares of nil par value
("Ordinary Shares"), from
the date of this announcement (the "Share Buyback Programme").
As set out in the Group's full year
results to 31 December 2023, the Group's EPRA NRV per Ordinary
Share stands at £26.72 which is a
substantial premium to the current share price. In light of the
current share price discount relative to the EPRA NRV per Ordinary
Share, the Board believes it would be in the best interests of
shareholders to return a portion of capital to shareholders by
means of the Share Buyback Programme.
The Share Buyback Programme, which
is detailed below, is expected to commence immediately.
Details of the Share Buyback
Programme
PPHE announces that it has entered
into an instruction with Jefferies International Limited and
Jefferies GmbH (together, "Jefferies") in relation to the purchase
by Jefferies, acting as principal during the period commencing on
10 July 2024 and ending no later than 10 July 2025 or, if earlier,
such time that the Company's existing share buyback authorities
expire (being the Company's next Annual General Meeting), of up to
a maximum of 400,000 Ordinary Shares for an aggregate consideration
(excluding expenses) of up to a maximum of £4,000,000 and
the simultaneous on-sale of such Ordinary Shares by Jefferies to
PPHE, following which they will be held by PPHE in treasury. For
the purposes of the Share Buyback Programme, Jefferies will make
its trading decisions concerning the timing of the purchases of
Ordinary Shares independently of, and uninfluenced by, the
Group.
The Share Buyback Programme will be
conducted within certain pre-set parameters and the terms of the arrangement with Jefferies, and in
accordance with (amongst other things) the general authority to
repurchase Ordinary Shares granted by shareholders at the 2024
Annual General Meeting, Chapter 12 of the UK Listing
Rules and the provisions of the UK Market Abuse
Regulation dealing with buyback programmes.
PPHE will announce any market
repurchase of Ordinary Shares no later than 7.30 a.m. on the
business day following the calendar day on which the repurchase
occurred.
In accordance with the Rule 9 Waiver
authority approved by shareholders at the recent AGM, the Concert
Party do not intend to participate in the Share Buyback Programme
in respect of their shareholdings.
- Ends -
Enquiries:
|
PPHE Hotel Group Limited
|
Tel: +31 (0)20 717 8600
|
|
Greg Hegarty, Co-Chief Executive
Officer & Executive Director
|
|
|
Daniel Kos, Chief Financial Officer
& Executive Director
|
|
|
Robert Henke, Executive Vice
President of Commercial Affairs
|
|
|
Hudson Sandler
|
Tel: +44 (0)20 7796 4133
|
|
Wendy Baker / Lucy Wollam-Coles /
India Laidlaw
|
pphe@hudsonsandler.com
|
Notes to Editors:
PPHE Hotel Group is an international
hospitality real estate company, with a £2.2 billion portfolio,
valued as at December 2023 by Savills and Zagreb nekretnine Ltd
(ZANE), of primarily prime freehold and long leasehold assets in
Europe.
Through its subsidiaries, jointly
controlled entities and associates it owns, co-owns, develops,
leases, operates and franchises hospitality real estate. Its
portfolio includes full-service upscale, upper upscale and
lifestyle hotels in major gateway cities and regional centres, as
well as hotel, resort and campsite properties in select resort
destinations. The Group's strategy is to grow its portfolio of core
upper upscale city centre hotels, leisure and outdoor hospitality
and hospitality management platform.
PPHE Hotel Group benefits from
having an exclusive and perpetual licence from the Radisson Hotel
Group, one of the world's largest hotel groups, to develop and
operate Park Plaza® branded hotels and resorts in Europe, the
Middle East and Africa. In addition, PPHE Hotel Group wholly owns,
and operates under, the art'otel® brand and its Croatian subsidiary
owns, and operates under, the Arena Hotels & Apartments® and
Arena Campsites® brands.
PPHE Hotel Group is a Guernsey
registered company with shares listed on the London Stock Exchange.
PPHE Hotel Group also holds a controlling ownership interest in
Arena Hospitality Group, whose shares are listed on the Prime
market of the Zagreb Stock Exchange.
Company websites:
www.pphe.com | www.arenahospitalitygroup.com
For reservations:
www.parkplaza.com
| www.artotel.com
| www.radissonhotels.com
| www.arenahotels.com
| www.arenacampsites.com