Pphe Hotel Regulatory News (PPH)

13 Nov 2007 07:02

Park Plaza Hotels Limited13 November 2007 13 November 2007 Park Plaza Hotels Limited ("Park Plaza" or "the Company") Share Dealings Park Plaza announces that it received notification on 12 November 2007 that NSIHolding 3 B.V. ("NSI") acquired 303,024 shares at a price of 329.80 pence pershare on 12 November 2007. NSI is owned 70% by Euro Plaza Holdings B.V. ("Euro Plaza") and 30% by RausingLimited, a company wholly owned by Molteno Limited ("Molteno"). Both Euro Plazaand Molteno are significant shareholders of Park Plaza and are deemed to beinterested in 100% of the 303,024 shares acquired by NSI. Their resultantshareholdings following the acquisition are as follows: Shareholder Shares acquired Previous Interest by NSI Resultant Interest Shares % Shares % Shares %Euro Plaza(1) 17,376,900 42.44 303,024 0.74 17,679,924 43.18Molteno(2) 7,500,000 18.32 303,024 0.74 7,803,024 19.06 As disclosed in the Admission Document, Eli Papouchado, Park Plaza's Chairman,is deemed to be interested in shares held by Euro Plaza and Boris Ivesha, ParkPlaza's CEO, is deemed to be interested in shares acquired by Molteno. Both EliPapouchado and Boris Ivesha are therefore deemed to be interested in 100% of the303,024 shares acquired by NSI. Details of the directors' share acquisitions andresultant holdings are as follows: Director Shares acquired Previous Interest by NSI Resultant Interest Shares % Shares % Shares %Eli Papouchado 17,376,900 42.44 303,024 0.74 17,679,924 43.18Boris Ivesha 7,500,000 18.32 303,024 0.74 7,803,024 19.06 As disclosed in the Park Plaza Admission Document, the trustee of the PrincetonTrust, the ultimate controlling shareholder of Molteno, has agreed with EuroPlaza, a member of the Red Sea Group that for so long as their combinedinterests in the Company are not less than 38% and the Red Sea Group's interestin the Company is at least 26.5% of the issued share capital, the PrincetonTrust will vote its shares at general meetings of shareholders in a consistentmanner with the votes cast by the Red Sea Group. As a result of this agreement, Euro Plaza and Molteno are deemed to be acting inconcert for the purposes of Rule 9 of the Takeover Code. Euro Plaza and Moltenobetween them hold more than 50 per cent of the Company's voting rights and (forso long as they continue to be treated as acting in concert) may accordinglyincrease their aggregate interests in shares without incurring any obligationunder Rule 9 to make a general offer, although individual members of the concertparty will not be able to increase their percentage interest in shares throughor between a Rule 9 threshold without Takeover Panel consent. The Takeover Panelhas confirmed that no obligation to make a mandatory offer for the Companyarises from the acquisitions of shares described in this announcement. For further details on the Takeover Code, please refer towww.thetakeoverpanel.org.uk. Enquiries: Park Plaza Hotels Tel: +44 (0)20 7034 4800Chen Moravsky, Chief Financial Officer Hudson Sandler Tel: +44 (0)20 7796 4133Jessica Rouleau / Wendy Baker (1) The AP Descendants' Trust (a trust established under the laws of the CaymanIslands for the children of Mr Avner Papouchado), the YP Descendants' Trust (atrust established under the laws of the Cayman Islands for the children of MrYoav Papouchado), Peninsula International Enterprises Ltd., Three ContinentsHoldings Ltd., Horizon Enterprises B.V. and Atlantic Pacific are also interestedin these shares by virtue of their controlling interest in Euro Plaza. (2) The Princeton Trust (a discretionary trust established under the laws of theBritish Virgin Islands by Boris Ivesha) is also interested in these shares as aresult of its controlling interest in Molteno. This information is provided by RNS The company news service from the London Stock Exchange