Last checked at 18 Nov 2008 14:59
India Hospitality Corp. Advisory Agreement with Banyan Tree Capital and
Admission of New Shares
LONDON, Nov. 18 -- India Hospitality Corp. today announced that the advisory agreement between, among others, the Company and Banyan Tree Capital Limited ("Banyan Tree") was amended on 18 September 2008 (with the amendment effective as of 29 March 2008). The amendment removed the final condition to the vesting of a right of Banyan Tree to be issued 500,000 ordinary shares in the capital of the Company with a par value of $0.001 (the "Vested Shares"). The board has subsequently approved the issue of the Vested Shares. IHC and Banyan Tree have also agreed that the advisory agreement shall not be renewed.
Banyan Tree has signed a lock-up agreement in respect of the Vested Shares that restricts the right of Banyan Tree to dispose of the Vested Shares during a 2-year period. The lock-up agreement allows for a gradual release of the Vested Shares during the lock-up period.
Application to the London Stock Exchange has been made for the Vested Shares to be admitted to trading on AIM. It is expected that admission will become effective on 19 November 2008.
The Vested Shares will rank pari passu with the existing ordinary shares of the Company.
Following the issue of the Vested Shares, the Company has 28,098,250 fully paid ordinary shares in issue.
For Further Information Contact:
Media Contact: Mutual Image & Events Management Pvt. Ltd.Harsh Wardhan+91 11 41 416523Investor Relations Contact:ICR Inc. William Schmitt +1 (203) 682-8200 Nominated Adviser and Broker:Deutsche Bank Mumtaz Naseem +44 20 7545 8000
Deutsche Bank AG is IHC's nominated adviser and broker for the purposes of the AIM Rules for Companies. Its responsibilities as IHC's nominated adviser and broker under the AIM Rules for Nominated Advisers are owed solely to London Stock Exchange plc and not to IHC, any director of IHC or any other person.
SOURCE India Hospitality Corp.
/CONTACT: Media, Mutual Image & Events Management Pvt. Ltd., Harsh Wardhan, +91-11-41-416523, or Investor Relations Contact: ICR Inc., William Schmitt, +1-203-682-8200, or Nominated Adviser and Broker: Deutsche Bank, Mumtaz Naseem, +44-20-7545-8000 /
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