PPHE Hotel Group Limited Regulatory News (PPH)

9 December 2021

PPHE Hotel Group Limited("PPHE Hotel Group" or "PPHE" or the "Company")

Update Statement

At this year's Annual General Meeting held on 19 May 2021 ("AGM"), PPHE Hotel Group Limited received the following votes in respect of Resolution 8.

Resolution 8: To re-elect Ken Bradley as a Director of the Company

*Includes discretionary votes

**A vote "Withheld" is not a vote in law and is therefore not counted towards the proportion of votes "For" or "Against" the resolution

*** Votes cast by independent shareholders

Based on discussions with shareholders and recommendations of a number of proxy voting agencies, the Company understands that the voting decisions were centred on the tenure in office of our Chair of the Board. It was felt by shareholders that the most appropriate way to respond to this issue was that Mr. Bradley (as Chair of the Nomination Committee) should bear the responsibility for this. Further, it was deemed necessary to hold all members of the Remuneration Committee (including Mr. Bradley) responsible for the lack of shareholder vote on the Remuneration Policy. 

The Board takes the view that in light of the circumstances and challenges posed by the Covid-19 pandemic, it is important for the Company to maintain continuity rather than attempt change for change's sake. Two new non-executive directors were appointed in 2020, and it was felt by Mr. Bradley that it was necessary to balance these changes at Board level to ensure continuity of service and expertise. The Board emphasises that the continuity and expertise provided by the Chair are vital to the Company's success in such a challenging environment and time. His skillset has been acquired over decades of success in hospitality and real-estate, and in particular relies on his experience of previous serious economic challenges. 

The Board has every confidence in Mr. Bradley, and the Nomination Committee under Mr. Bradley's chairmanship has prioritised succession planning in 2021. It is considering the appointment of a further non-executive director and is committed to finding the best candidate for the position, keeping in mind the recommendations of the Hampton-Alexander and Parker Reviews.

With regard to the right of shareholders to vote on remuneration policies at general meetings, the Board will reconsider its previous position.

Enquiries:

Notes to Editors

PPHE Hotel Group is an international hospitality real estate company, with a £1.7 billion portfolio, valued as at December 2020 by Savills and Zagreb nekretnine Ltd (ZANE), of primarily prime freehold and long leasehold assets in Europe.  

Through its subsidiaries, jointly controlled entities and associates it owns, co-owns, develops, leases, operates and franchises hospitality real estate. Its primary focus is full-service upscale, upper upscale and lifestyle hotels in major gateway cities and regional centres, as well as hotel, resort and campsite properties in select resort destinations.

PPHE Hotel Group benefits from having an exclusive and perpetual licence from the Radisson Hotel Group, one of the world's largest hotel groups, to develop and operate Park Plaza® branded hotels and resorts in Europe, the Middle East and Africa. In addition, PPHE Hotel Group wholly owns, and operates under, the art'otel® brand and its Croatian subsidiary owns, and operates under, the Arena Hotels & Apartments® and Arena Campsites® brands.

PPHE Hotel Group is a Guernsey registered company with shares listed on the London Stock Exchange. PPHE Hotel Group also holds a controlling ownership interest in Arena Hospitality Group, whose shares are listed on the Prime market of the Zagreb Stock Exchange.

Company websites:www.pphe.com  | www.arenahospitalitygroup.com 

For reservations: www.parkplaza.com  | www.artotels.com |  www.arenacampsites.com