REG - PPHE Hotel Grp Ltd - Share buyback programme

PPHE HotelAnnouncement

11/07/2024 07:00

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RNS Number : 9479V  PPHE Hotel Group Limited  11 July 2024

11 July 2024

 

PPHE Hotel Group Limited

("the Company" or "PPHE")

 

Share buyback programme

 

PPHE Hotel Group Limited announces the commencement of a share buyback
programme in respect of its ordinary shares of nil par value ("Ordinary
Shares"), from the date of this announcement (the "Share Buyback Programme").

 

As set out in the Group's full year results to 31 December 2023, the Group's
EPRA NRV per Ordinary Share stands at £26.72 which is a substantial premium
to the current share price. In light of the current share price discount
relative to the EPRA NRV per Ordinary Share, the Board believes it would be in
the best interests of shareholders to return a portion of capital to
shareholders by means of the Share Buyback Programme.

 

The Share Buyback Programme, which is detailed below, is expected to commence
immediately.

 

Details of the Share Buyback Programme

 

PPHE announces that it has entered into an instruction with Jefferies
International Limited and Jefferies GmbH (together, "Jefferies") in relation
to the purchase by Jefferies, acting as principal during the period commencing
on 10 July 2024 and ending no later than 10 July 2025 or, if earlier, such
time that the Company's existing share buyback authorities expire (being the
Company's next Annual General Meeting), of up to a maximum of 400,000 Ordinary
Shares for an aggregate consideration (excluding expenses) of up to a maximum
of £4,000,000 and the simultaneous on-sale of such Ordinary Shares by
Jefferies to PPHE, following which they will be held by PPHE in treasury. For
the purposes of the Share Buyback Programme, Jefferies will make its trading
decisions concerning the timing of the purchases of Ordinary Shares
independently of, and uninfluenced by, the Group.

 

The Share Buyback Programme will be conducted within certain pre-set
parameters and the terms of the arrangement with Jefferies, and in accordance
with (amongst other things) the general authority to repurchase Ordinary
Shares granted by shareholders at the 2024 Annual General Meeting, Chapter 12
of the UK Listing Rules and the provisions of the UK Market Abuse
Regulation dealing with buyback programmes.

 

PPHE will announce any market repurchase of Ordinary Shares no later than 7.30
a.m. on the business day following the calendar day on which the repurchase
occurred.

 

In accordance with the Rule 9 Waiver authority approved by shareholders at the
recent AGM, the Concert Party do not intend to participate in the Share
Buyback Programme in respect of their shareholdings.

 

- Ends -

 

Enquiries:

 

 PPHE Hotel Group Limited                                           Tel: +31 (0)20 717 8600
 Greg Hegarty, Co-Chief Executive Officer & Executive Director
 Daniel Kos, Chief Financial Officer & Executive Director
 Robert Henke, Executive Vice President of Commercial Affairs
 Hudson Sandler                                                     Tel: +44 (0)20 7796 4133
 Wendy Baker / Lucy Wollam-Coles / India Laidlaw                    pphe@hudsonsandler.com (mailto:pphe@hudsonsandler.com)

 

Notes to Editors:

 

PPHE Hotel Group is an international hospitality real estate company, with a
£2.2 billion portfolio, valued as at December 2023 by Savills and Zagreb
nekretnine Ltd (ZANE), of primarily prime freehold and long leasehold assets
in Europe.

 

Through its subsidiaries, jointly controlled entities and associates it owns,
co-owns, develops, leases, operates and franchises hospitality real estate.
Its portfolio includes full-service upscale, upper upscale and lifestyle
hotels in major gateway cities and regional centres, as well as hotel, resort
and campsite properties in select resort destinations. The Group's strategy is
to grow its portfolio of core upper upscale city centre hotels, leisure and
outdoor hospitality and hospitality management platform.

 

PPHE Hotel Group benefits from having an exclusive and perpetual licence from
the Radisson Hotel Group, one of the world's largest hotel groups, to develop
and operate Park Plaza® branded hotels and resorts in Europe, the Middle East
and Africa. In addition, PPHE Hotel Group wholly owns, and operates under, the
art'otel® brand and its Croatian subsidiary owns, and operates under, the
Arena Hotels & Apartments® and Arena Campsites® brands.

 

PPHE Hotel Group is a Guernsey registered company with shares listed on the
London Stock Exchange. PPHE Hotel Group also holds a controlling ownership
interest in Arena Hospitality Group, whose shares are listed on the Prime
market of the Zagreb Stock Exchange.

 

Company websites: www.pphe.com (http://www.pphe.com) |
www.arenahospitalitygroup.com (http://www.arenahospitalitygroup.com)

 

For reservations:

www.parkplaza.com (http://www.parkplaza.com) | www.artotel.com
(http://www.artotel.com) | www.radissonhotels.com
(http://www.radissonhotels.com) | www.arenahotels.com
(http://www.arenahotels.com) | www.arenacampsites.com
(http://www.arenacampsites.com)

 

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