Last checked at 6 Jan 2011 07:00
India Hospitality Corp.
6 January 2011
Announcement of Special Dividend
India Hospitality Corp. (AIM: IHC) (the "Company" or "IHC") is pleased to announce a special interim dividend of US$0.42 per share. The dividend will be paid on or around 17 January 2011, the shares will be marked ex-dividend on 12 January 2011 and the record date will be 14 January 2011.
The Board of Directors (excluding Ravi Deol, Chief Executive Officer and Sandeep Vyas, Chief Operating Officer) has also agreed to remove all restrictions in relation to the 1,873,000 and the 936,500 restricted ordinary shares previously issued to Messrs Deol and Vyas, respectively. These restrictions are contained in share grant agreements and lock up agreements originally entered into in June 2009 and subsequently amended in May 2010 (as announced on 6 May 2010).
The share restrictions included those relating to the transfer of shares as well as voting and dividend rights. Additionally, Messrs Deol and Vyas have agreed to remove the restriction on the declaration of dividends by the Company while a loan from the Punjab National Bank remains outstanding on the balance sheet of Sky Gourmet Private Catering Limited ("Sky Gourmet"). These shares will therefore also be entitled to receive the proposed special interim dividend referred to above.
Jason Ader, IHC Chairman, commented "The Company's recent disposal of a majority stake in Sky Gourmet created an opportunity to reward shareholders for their continued support through a return of capital to shareholders by way of dividend."
For Further Information Contact:
India Hospitality Corp.
Rajesh Mittal
+91 22 4090 6177
rmittal@ihcor.com
www.indiahospitalitycorp.com
Nominated Adviser: Grant Thornton Corporate Finance
Fiona Owen / Robert Beenstock
+44 20 7383 5100
Broker: Execution Noble & Company Ltd.
James Bromhead
+44 20 7456 9191
Media Contact: Mutual Public Relations Ltd.
Harsh Wardhan
+91 11 4362 0700