30 Sep 2015 07:00
30 September 2015
Elegant Hotels Group plc
Interim Dividend in respect of the year ending 30 September 2015
The Directors of Elegant Hotels Group plc (the "Company"), the owner and operator of five upscale freehold hotels and a beachfront restaurant on the island of Barbados, announce that they have declared an interim dividend for the period to 30 September 2015 of 1.75 pence per ordinary share.
This is consistent with the intentions at the time of the Company's admission to AIM on 26 May 2015, to target a 7% yield based on its Admission price of £1 per ordinary share. In the Company's AIM Admission Document it stated it would implement a progressive dividend policy in line with the growth in future earnings, subject to the discretion of the Board and to the Company having sufficient distributable reserves.
This maiden dividend of 1.75p will be paid on 30 October 2015 to shareholders on the register on 9 October 2015 and the Company's ordinary shares will become ex-dividend on 8 October 2015. This is intended to be followed by a second dividend of 1.75p in February 2016 representing a total of 3.5p per ordinary share for the Company's first accounts period from 10 April 2015 to 30 September 2015.
For further information:
Elegant Hotels Group plc | +1 246 432 6500 |
Sunil Chatrani, Chief Executive Officer
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Zeus Capital Limited (NOMAD and Broker) | +44 (0) 203 829 5000 |
Dan Bate / Nicholas How (Nomad) John Goold (Broking) | |
Powerscourt Rob Greening / Lisa Kavanagh Email: eleganthotels@powerscourt-group.com | +44 (0) 207 250 1446
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NOTES TO EDITORS:
Elegant Hotels owns and operates five luxury hotels and a beachfront restaurant, Daphne's, on the island of Barbados. The Group's portfolio comprises 483 rooms, which represents almost 25% of Barbados' quality leisure tourist room stock. Four of the five Group hotels are situated along the prestigious west coast of Barbados commonly known as the "Platinum Coast". The properties are all freehold, with a total aggregate plot size of approximately 20 acres and an aggregate beachfront of 2,300 feet. The value attributed to Elegant's portfolio as at 15 April 2015 was $235.5 million.
The Group has a strong market presence and is a profitable, cash generative and financially stable business that has enjoyed continuous growth in both revenue and EBITDA over the last three financial years. In the year to 30 September 2014, it achieved revenues of $57.6 million and EBITDA before non-recurring items of $19.7 million.
The Group's shares were admitted to trading on the London Stock Exchange's AIM in May 2015. Its objective now is to leverage its position as a leading hotel operator in Barbados and to expand both on Barbados and further into the Caribbean.
Together, the Group's five hotels - Colony Club, Tamarind, The House, Crystal Cove, and Turtle Beach - offer styles encompassing classic and contemporary, family-friendly and adults-only offerings:
Investor website: http://www.eleganthotelsgroup.com/
Commercial website: http://www.eleganthotels.com/