Business
EGM Approval
EGM Approval.
About this update from Inspiration Healthcare Group Plc
[{"type":"text","content":"\n India Hospitality Corp.\n18 July 2007\n\n\nFor immediate release 18 July 2007\n\nIndia Hospitality Announces Approval of the Acquisitions of Mars Restaurants and\n SkyGourmet Catering\n\nNew York, NY. - July 18, 2007 - India Hospitality Corp. (LSE: IHC, IHC or India\nHospitality), today announced that with regard to the acquisition from Navis\nCapital Partners and its Affiliates of India-based Mars Restaurants Private\nLimited (MRPL or Mars), an emerging hotel and restaurant company, and SkyGourmet\nCatering Private Limited (SCPL or SkyGourmet), an airline catering company\noperating out of four locations in India, in a transaction involving cash and\nshares and valued at approximately US $110 million, at an extraordinary general\nmeeting of IHC shareholders held on July 17, 2007 IHC shareholders approved the\nacquisition and:\n\n • all other transactions contemplated by the share purchase agreement which\n includes possible future acquisitions by IHC's subsidiary, IHC Mauritius\n Corp., of Noida Opco, which owns a further hotel, and/or the Nirula's\n Group's quick service restaurant chain;\n • certain advisory services related to the transaction; and\n • the extension to August 31, 2007 of the date by which a Qualified Business\n Combination must be consummated from August 1, 2007.\n\nAt the extraordinary general meeting, proxies were received as follows: in\nfavour of the resolutions, 17,435,723; against the resolutions, 1,520,000; and\nabstaining 290,000. IHC shareholders voting against the resolutions have\nexercised their repurchase rights in respect of in aggregate 1,520,000 ordinary\nshares of IHC. IHC will fund the consideration for these repurchase rights out\nof its available cash resources and/or through requiring Hayground Cove Asset\nManagement (through the funds and accounts it manages) to subscribe for up to\n1,520,000 new ordinary shares in IHC at the same price per share as the\nrepurchased ordinary shares are required to be repurchased by IHC. All\nshareholders exercising their repurchase rights are required to tender their\nshare certificates to the Company and provide the usual representations and\nwarranties as to continuing ownership of their ordinary shares in order to be\nentitled to exercise their repurchase rights.\n\nThe acquisition is expected to close shortly at which point IHC's ordinary\ns...