PPHE Hotel Group Limited Special Dividend (0969E)
July 13 2016 - 8:09AM
UK Regulatory
TIDMPPH
RNS Number : 0969E
PPHE Hotel Group Limited
13 July 2016
13 July 2016
PPHE Hotel Group Limited
Special Dividend
PPHE Hotel Group Limited (the "Company"), which together with
its subsidiaries (the "Group") owns, leases, develops, operates and
franchises full service upscale and lifestyle hotels in major
gateway cities and regional centres, predominantly in Europe, is
pleased to report that the Board of Directors has approved the
return of a total of GBP42,197,512 to shareholders of the Company
("Shareholders") by way of payment of a special interim dividend of
GBP1.00 per ordinary share (the "Special Dividend"). This follows
the Group's hotel refinancings in the second quarter at an
aggregate of GBP563.7 million, following which the Group now has
excess cash reserves some of which it wishes to return to
Shareholders via the Special Dividend and which is in line with the
Group's primary objective to create and realise shareholder
value.
The Special Dividend will be paid on 23 August 2016 to
Shareholders on the register as at 22 July 2016. The shares of the
Company will go ex-dividend on 21 July 2016.
The Special Dividend is separate to the interim and final
dividends typically paid by the Company. The Group intends to
follow its progressive dividend policy going forward. Any future
dividend declaration or recommendation remains subject to Board's
approval.
Boris Ivesha, President & Chief Executive Officer of PPHE
Hotel Group Limited, commented:
"We have seen excellent progress against our strategy in recent
years. The recent refinancings enable us to continue investing in
our portfolio ensuring our well-established hotels continue to
improve on their strong market positions.
In line with our objective of delivering excellent shareholder
value we are delighted to be able to return excess reserves to
shareholders as we continue to generate long-term value."
The information contained in this announcement is considered to
be inside information prior to its release.
Enquiries:
PPHE Hotel Group Limited
Chen Moravsky, Deputy Chief Executive Officer Tel: +31 (0)20 717 8603
& Chief Financial Officer
Hudson Sandler Financial Public Relations
Wendy Baker / Katie Matthews Tel: +44 (0)20 7796 4133
Notes to editors
PPHE Hotel Group Limited is a Guernsey registered company and
through its subsidiaries, jointly controlled entities and
associates, owns, leases, operates, franchises and develops full
service upscale and lifestyle hotels in major gateway cities and
regional centres, predominantly in Europe.
The majority of the Group's hotels operate under two distinct
brands, Park Plaza(R) Hotels & Resorts and art'otel(R) . The
Group has an exclusive licence from Carlson, a global privately
held hospitality and travel company, to develop and operate Park
Plaza(R) Hotels & Resorts in Europe, the Middle East and
Africa. The art'otel(R) brand is fully owned by the Group.
The Group also owns a controlling interest in the Arenaturist
group, one of Croatia's leading hospitality companies.
The portfolio of owned, leased, managed and franchised hotels
comprises 38 hotels in operation offering a total of nearly 8,400
rooms. The development pipeline includes four new hotel projects
and one hotel extension and reconfiguration. These developments are
expected to add over 800 rooms to our portfolio by the end of 2016
and an additional 500 rooms by the end of 2019.
Our Company:
www.pphe.com
Our Hotel Brands:
www.parkplaza.com
www.artotels.com
www.arenaturist.com
For images and logos visit www.vfmii.com/parkplaza
Forward-looking statements
This announcement may contain certain "forward-looking
statements' which reflect the Company's and/or the Directors'
current views with respect to financial performance, business
strategy and future plans, both with respect to the Group and the
sectors and industries in which the Group operates. Statements
which include the words "expects", "intends", "plans", "believes",
"projects", "anticipates", "will", "targets", "aims", "may",
"would", "could", "continue" and similar statements are of a future
or forward-looking nature. All forward-looking statements address
matters that involve risks and uncertainties. Accordingly, there
are or will be important factors that could cause the Group's
actual results to differ materially from those indicated in these
statements. Any forward-looking statements in this announcement
reflect the Group's current views with respect to future events and
are subject to risks, uncertainties and assumptions relating to the
Group's operations, results of operations and growth strategy.
These forward-looking statements speak only as of the date of this
announcement. Subject to any legal or regulatory obligations, the
Company undertakes no obligation publicly to update or review any
forward-looking statement, whether as a result of new information,
future developments or otherwise. All subsequent written and oral
forward-looking statements attributable to the Group or individuals
acting on behalf of the Group are expressly qualified in their
entirety by this paragraph. Nothing in this announcement should be
considered as a profit forecast.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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