Last checked at 25 May 2011 16:32
25 May 2011
Park Plaza Hotels Limited ("Park Plaza" or the "Company")
Notification of proposed AIM cancellation and Admission to the Official List
Further to the disclosure made in the Company's preliminary results announcement on 5 May 2011, the Company confirms its intention to apply for admission of its ordinary shares to listing on the standard listing segment of the Official List of the UK Listing Authority (the 'Official List') and to trading on the London Stock Exchange's main market for listed securities (the 'Main Market'). Pursuant to Rule 41 of the AIM Rules for Companies, the Company hereby gives notice of the intended cancellation of trading of its shares on the AIM market of the London Stock Exchange.
Following the acquisitions made by the Group in recent years, the Directors of the Company (the 'Directors') believe that its position as an established and growing hotel owner/operator should now be reflected in the market on which its shares are traded. The Directors believe that a move to the standard listing segment of the Official List and to trading on the Main Market, may improve the liquidity in its ordinary shares and raise the Company's profile both domestically and internationally.
It is expected that the ordinary shares of nil par value of the Company each will be admitted to the standard listing segment of the Official List and to trading on the Main Market and simultaneously cancelled on AIM effective on or around 30 June 2011, subject to the receipt of the necessary approvals from the UK Listing Authority and the London Stock Exchange, being at least 20 business days after this announcement.
Investors should consult their own tax advisers as to the tax implications of the move to the Official List and the Main Market.
A further announcement will be made in due course.
For further information contact:
Park Plaza Hotels Limited +31 (0) 20 717 8603
Chen Moravsky, Chief Financial Officer
Hudson Sandler +44 (0)20 7796 4133
Wendy Baker / Kate Hough
Investec Bank plc +44 (0)20 7597 4000
James Grace