International Hotel Investments plc – Acquisition of remaining shares in IHGH

International Hotel Investments plc announced the following Company Announcement outlining the acquisition of ownership of the remaining shares in Island Hotels Group Holdings p.l.c. (“IHGH”) and settlement by International Hotel Investments p.l.c. (“IHI”).

IHI refers to the offer made to shareholders of IHGH in consequence of a voluntary public bid made in terms of Chapter 11 of the Listing Rules (the “Bid”) for the acquisition of the entire issued share capital of IHGH. 

In its company announcement of 10 August 2015, IHI announced its intention with respect to the remaining 0.32% of the entire issued share capital of IHGH not already held by IHI as a result of the Bid (the “Remaining IHGH Shares”), to carry out the process in terms of Listing Rule 11.42 by means of which IHI will exercise its right to require all the holders of such shares to sell and transfer these shares to IHI. 

For the purposes of Listing Rule 11.43 IHI has obtained a report prepared by PricewaterhouseCoopers (the “Report”), as independent experts, in which it has been determined that the Fair Price (as defined in the Report) of €1.12,4 per Remaining IHGH Share is higher than the Equitable Price (also as defined in the Report) of €1.00 per share in IHGH. A copy of the Report is appended to this company announcement. 

IHI will proceed to complete the transfer of all Remaining IHGH Shares and to process the applicable payments to the holders of such shares by no later than close of business on 4 September 2015. 

As previously announced, following the completion of the foregoing process, IHI intends to apply for the delisting of the entire issued share capital of IHGH. 

To view the official Company Announcement, click here.