Statement re Approach
December 22 2003 - 9:05AM
UK Regulatory
RNS Number:5547T
Gresham Hotel Group Plc
22 December 2003
Gresham Hotel Group plc
Statement Re. Approach
Further to an announcement made on 14th November 2003 and recent press comment,
the Board of Gresham Hotel Group plc ("Gresham" or "the Board") confirms that it
has been in discussions with representatives of a consortium regarding an
approach received.
The approach was made at a level of Euro1.35 per share and stated that any offer if
made would be conditional on receiving at least 80% acceptances. The Board has
been informed by a shareholder holding more than 20% that it would not be
prepared to accept an offer if made at this time. The Board of Gresham have
requested representatives of the consortium to remove this pre-condition to
enable the Board to consider this approach, or, failing this, to either increase
their offer or withdraw their approach. The representatives of the consortium
have not responded to this request at this time.
A holder of 1% or more of the shares of Gresham may have disclosure obligations
under Rule 8.3 of the Irish Takeover Panel Act, 1997, Takeover Rules, 2001,
effective from the date of this announcement.
Enquiries:
Mon O'Driscoll Managing Director, AIB Corporate Finance Tel: + 353 1 667 0233
Mr. Patrick Coyle Managing Director, Gresham Hotel Group plc Tel: + 353 1 817 6209
AIB Corporate Finance Limited, which is regulated in Ireland by the Irish
Financial Services Regulatory Authority under the Investment Intermediaries Act
1995, is acting for Gresham and for no one else in relation to the matters
described in this announcement and will not be responsible to anyone other than
Gresham for providing the protections afforded to clients of AIB Corporate
Finance Limited or for providing advice in relation to the matters described in
this announcement.
This announcement does not constitute an offer or an invitation to purchase any
securities.
The Directors of Gresham accept responsibility for all the information contained
in this announcement. To the best of the knowledge and belief of the Directors
of Gresham (who have each taken all reasonable care to ensure that such is the
case), the information contained in this announcement is in accordance with the
facts and does not contain anything likely to affect the import of such
information.
22nd December 2003
ENDS
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