PPHE Hotel Group Limited commences an Equity Buyback for 2,118,165 shares, representing 5% of its issued share capital under the authorization approved on May 22, 2024.
July 11, 2024 at 02:00 am EDT
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PPHE Hotel Group Limited (LSE:PPH) commences share repurchases on July 11, 2024, under the program mandated by the shareholders in the Annual General Meeting held on May 22, 2024. As per the mandate, the company is authorized to repurchase up to 2,118,165 shares, representing 5% of its issued share capital. The maximum price which may be paid for an ordinary share is an amount equal to 5% of the average of the middle market quotations for the ordinary shares taken from the London Stock Exchange plc Daily Official List for five business days immediately preceding the day on which that share is contracted to be purchased and an amount equal to the higher of the price of the last independent trade and the highest current independent bid on the trading venues where the purchase is carried out at the relevant time. The minimum price which may be paid for an ordinary share is £0.01. The repurchased shares will be cancelled or held as treasury shares. The company?s exercise of this authority will be subject to renewal of the Rule 9 Waiver in resolution 18 of the Annual General Meeting and will be subject to the stated upper and lower limits on the price payable. The authority will expire on the conclusion of the next Annual General Meeting of the company in 2025, or 15 months after this resolution is passed, whichever is earlier. As of March 13, 2024, the company had 42,363,300 issued and outstanding shares and had 1,984,110 treasury shares.
On July 10, 2024, the company announces a share repurchase program. Under the program, the company will repurchase up to 400,000 shares for an aggregate consideration of up to a maximum of £4 million, through an irrevocable agreement entered into with the company?s broker. The repurchased shares will be held in treasury. The program will expire on July 10, 2025, or, if earlier, if the company repurchases the maximum amount authorized to repurchase, or if the company?s existing buyback authority expires.
PPHE Hotel Group is an international hospitality real estate company based in the Netherland. Company's portfolio includes freehold and long leasehold assets in Europe. PPHE Hotel Group's guiding principle is to generate attractive returns from operations and long-term capital appreciation. Through its subsidiaries, jointly controlled entities and associates it owns, co-owns, develops, leases, operates, and franchises hospitality real estate. Its primary focus in hotel, resort, and campsite properties in resort destinations. PPHE Hotel Group benefits from having an license from the Radisson Hotel Group, 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 also holds a controlling ownership interest in Arena Hospitality Group.
PPHE Hotel Group Limited commences an Equity Buyback for 2,118,165 shares, representing 5% of its issued share capital under the authorization approved on May 22, 2024.
PPHE HOTEL GROUP LIMITED 
