TIDMPPH
RNS Number : 8346G
PPHE Hotel Group Limited
18 November 2022
18 November 2022
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014, as it
forms part of domestic law by virtue of The European Union
(Withdrawal) Act 2018.
On publication of this information such information shall be
considered to be in the public domain
PPHE HOTEL GROUP LIMITED
("PPHE", the "Company" or the "Group")
Extension to Share Buyback Programme
The Board of Directors of PPHE, the international hospitality
real estate group which develops, owns and operates hotels and
resorts, is pleased to announce the extension of the Company's
Share Buyback Programme (the "Programme"). As announced on 29 June
2022, the Programme was originally due to expire no later than 29
June 2023. The extension will result in the continuation of the
Programme until no later than 29 June 2023 or up to a maximum of
500,000 Ordinary Shares (including the 123,335 Ordinary Shares
already acquired under the Programme) for an aggregate
consideration (excluding expenses) of up to a maximum of
GBP3,700,000 (previously GBP1,700,000) (the "Extension").
Since commencing the Programme, the Group has purchased 123,335
Ordinary Shares at an average price of GBP13.73 per Ordinary Share.
The total cost to date of the Ordinary Shares purchased is GBP1.69
million. All Ordinary Shares acquired under the Programme have been
or will be held in treasury.
As set out in the Group's interim results to 30 June 2022, the
Group's EPRA NRV per share stands at GBP21.88, a substantial
premium to the current share price. In light of the ongoing share
price discount relative to the EPRA NRV per share, and following
consultation with shareholders, the Board believes the Extension is
in the best interests of all shareholders.
The Extension reflects the Board's confidence in the Group's
performance to date, current trading and the strength of its future
development pipeline. As announced in the Group's trading update
published on 27 October 2022, the Group is on track to exceed
market expectations for revenue and EBITDA for the financial year
ending December 2022. This outperformance has been driven by a
strong Q3 revenue performance across the London and Croatian assets
which, when combined with the maintained focus on room rates, has
allowed the Group to better navigate short term inflationary
pressures.
The Extension, which is detailed below, is expected to commence
immediately.
Details of the Extension
PPHE announces that it has entered into a further instruction
with Jefferies International Limited ("Jefferies") in relation to
the purchase by Jefferies, acting as principal during the period
commencing on 18 November 2022 and ending no later than 29 June
2023 or, if earlier, such time that the Company's existing share
buyback authorities expire being the Company's next AGM, of up to a
maximum of 500,000 Ordinary Shares for an aggregate consideration
(excluding expenses) of up to a maximum of GBP3,700,000 and the
simultaneous on-sale of such Ordinary Shares by Jefferies to PPHE,
following which they will be held in treasury. The purpose of the
Programme is to reduce share capital. 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 in accordance with the general authority to
repurchase shares granted by shareholders at the 2022 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.
Enquiries:
PPHE Hotel Group Limited Tel: +31 (0)20 717 8600
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 / Charlotte Cobb pphe@hudsonsandler.com
Notes to Editors
About PPHE Hotel Group
PPHE Hotel Group is an international hospitality real estate
company, with a GBP1.8 billion portfolio, valued as at December
2021 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 primary focus is
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.
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(R) branded hotels
and resorts in Europe, the Middle East and Africa. In addition,
PPHE Hotel Group wholly owns, and operates under, the art'otel(R)
brand and its Croatian subsidiary owns, and operates under, the
Arena Hotels & Apartments(R) and Arena Campsites(R) 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
www.arenahospitalitygroup.com
For reservations
www.parkplaza.com | www.artotel.com | www.arenahotels.com |
www.arenacampsites.com
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END
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November 18, 2022 02:00 ET (07:00 GMT)
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