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 |
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 | www.arenahospitalitygroup.com
For reservations:
www.parkplaza.com | www.artotel.com | www.radissonhotels.com | www.arenahotels.com | www.arenacampsites.com
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