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26 Jun 2014 09:50
26 June 2014
The Hotel Corporation plc
("HCP" or the "Company")
Update on Puma
The Hotel Corporation plc, the AIM listed investment company owning 49.9% of Puma Hotels plc ("Puma"), announces that Puma has sent a notice of general meeting ("Notice of GM") to its shareholders. Puma's senior debt outstanding was recently purchased by LSREF III Wight Limited ("Lone Star") from Irish Bank Resolution Corporation Limited. Pursuant to a standstill agreement, Lone Star has agreed to suspend its rights to repayment until 30 September 2014, subject to certain conditions.
Following the debt purchase, Puma has rebranded itself as The Hotel Collection and the Notice of GM includes a resolution that Puma's name be changed to "UK Group of Hotels plc". The General Meeting is due to be held on 10 July 2014.
Further announcements will be made when the Company is advised by Puma of material developments or updates.
For further information:
The Hotel Corporation plc Derek Short / David Craine | +44 (0) 1624 626586 |
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Sanlam Securities UK Limited (Nomad and broker) Simon Clements | +44 (0) 20 7628 2200 |
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