Director talk17 Sep 2014 20:43
Prospects
Since our last report for the half year to 30 June 2013, the outlook for the Company and its proposals have changed very little albeit through our contact with the Puma Board, we are aware Puma Hotels has recently announced a re-branding of its hotels as the Hotel Collection. Puma appears to have managed the portfolio to best advantage given the limitations brought about by non-availability of a capital expenditure fund to invest in and improve the hotels.
We understand that Puma has traded within the terms of their banking facility which expired on 30 May 2014 and which has recently been bought from IBRC by Lone Star.
Puma is presently in discussions with Lone Star to explore the options available in terms of banking facilities going forward. It is hoped that these discussions might result in a positive outcome with some potential to enhance value for shareholders.
D.W. Short D. P. Craine
Director Director and Company Secretary