27 Nov 2013 15:14
27 November 2013EIH plc (the "Company" or "EIH")Sale of Interest in Gland Pharma Limited ("Gland")EIH plc is pleased to announce that its investee company, EILSF Co-Invest I, has entered into an agreement with KKR Floorline Investments Pte. Ltd, an affiliate of Kohlberg Kravis Roberts & Co. L.P., for the sale of its shareholding in Gland.The agreement is conditional upon a number of conditions precedent being satisfied, including approval from the Foreign Investment Promotion Board of the Indian Ministry of Finance ("FIPB"), and certain other regulatory clearances.Should the agreement be completed, and through the unwinding of the co-investment structures through which the Gland interest is held, EIH will receive approximately US$20m, which is approximately equivalent to the carrying value as at 30 June 2013. This amount is stated before (i) any retentions made at the EILSF Co-Invest I level, (ii) the costs of obtaining certain insurances against indemnity, and (iii) transaction costs.Upon the closing of the transaction the board intends to make a further capital distribution to shareholders which it expects to amount to substantially all of the net proceeds to be received.For further information please contact:EIH plcRhys DaviesChairmanTel: +41 (0) 79 620 0215Nplus 1 Singer Advisory LLP(Nomad and Broker)James Maxwell/Nick DonovanTel: +44 (0) 207 496 3000