PPHE Hotel Group Limited has announced the commencement of a share buyback programme for its ordinary shares of nil par value. The company's EPRA NRV per Ordinary Share stands at £26.72, a substantial premium to the current share price. In light of this, the Board believes it would be in the best interests of shareholders to return a portion of capital to shareholders through the Share Buyback Programme.
The Share Buyback Programme involves an agreement with Jefferies International Limited and Jefferies GmbH for the purchase of up to a maximum of 400,000 Ordinary Shares for an aggregate consideration of up to £4,000,000. The purchases will be made independently of the Group's influence and will be conducted within pre-set parameters and in accordance with the UK Listing Rules and the provisions of the UK Market Abuse Regulation dealing with buyback programmes.
The company will announce any market repurchase of Ordinary Shares no later than 7.30 a.m. on the business day following the calendar day on which the repurchase occurred. Additionally, the Concert Party does not intend to participate in the Share Buyback Programme in respect of their shareholdings.
PPHE Hotel Group is an international hospitality real estate company with a £2.2 billion portfolio, primarily consisting of prime freehold and long leasehold assets in Europe. The company owns, co-owns, develops, leases, operates, and franchises hospitality real estate, including full-service upscale, upper upscale, and lifestyle hotels in major gateway cities and regional centers, as well as hotel, resort, and campsite properties in select resort destinations.
The company benefits from an exclusive and perpetual license from the Radisson Hotel Group to develop and operate Park Plaza branded hotels and resorts in Europe, the Middle East, and Africa. PPHE Hotel Group also 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 and holds a controlling ownership interest in Arena Hospitality Group, whose shares are listed on the Prime market of the Zagreb Stock Exchange.