Tag: Capital Hotels Plc

Capital Hotels Plc announces board meeting, closed period ahead of Q3 2021 results.

Chidi Emenike Leave a comment

Capital Hotels Plc has announced that it will be hosting a Board of Directors Meeting on Tuesday, 26th of October, 2021. The meeting is principally to consider and approve the company’s unaudited financial statements for the third quarter ended 30th of September, 2021.

This is according to a notice signed by the company’s secretary, Alex Ugwuany, and filed with the Nigerian Exchange Limited (NGX).

Consequently, in line with the provisions of rule 17.18(a): the Closed Period Rulebook of the Exchange, 2015 (Issuers’ Rule) as amended, the company announced that it had already commenced a closed period for trading in its shares on Friday, 1st of October, 2021. The closed period will persist until 24 hours after the unaudited account of the company for the aforementioned period have been filed with The Exchange (NGX) and made public.

It is imperative to note that during the closed period, directors, managers, consultants, employees of the company and their associated persons are strictly prohibited from transacting in the company’s shares (that is, buying or selling in the company’s shares).

For more information about the disclosure, click HERE.

 

11 Plc set to acquire 51% equity stake in Capital Hotels Plc.

Chidi Emenike Leave a comment

11 Plc (formerly Mobil Oil Nigeria Plc) is in talks with Capital Hotels Plc over the purchase of 51% equity stake in the latter, at a premium price of N7 per share.

The deal was agreed at the recently concluded Emergency Meeting of the Board of Directors of Capital Hotels Plc held on the 14th of June, 2021.

According to a notice uploaded on the website of the Nigerian Exchange Group Plc, the decision to sell the stake in the aforementioned firm, partly depends on whether its core shareholder (Hans Gremlin Nigeria Limited), is ready to exit 50% of its stake at the same price, and on such other terms and conditions that the Directors deem fit, subject to obtaining regulatory approval.

Additionally, the Board of Capital Hotels Plc also agreed that in order to balance the interests of the parties involved, the transaction will be structured in two ways- Offer for sale and Offer for subscription. In this light, the board agreed that if the new investor accepts the pre-specified conditions, an extraordinary General meeting would be convened to get the approval of the shareholders for this transaction.

It is pertinent to note that the deal is in line with 11 Plc’s diversification plans. The firm had earlier reiterated its plans of investing in the real estate as an alternative source of revenue, with a significant potential of stimulating growth and offsetting the austere fuel margins.

In likewise manner, Nairametrics had earlier reported the acquisition of Lagos Continental Hotel by 11 Plc.

 

For more information about the recent disclosure, click HERE.