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India Hospitality Advisory Agreement With Banya...
India Hospitality Advisory Agreement With Banya....
About this update from Inspiration Healthcare Group Plc
[{"type":"text","content":"\n \nIndia Hospitality Corp. Advisory Agreement with Banyan Tree Capital and \n Admission of New Shares\n\nLONDON, Nov. 18 -- India Hospitality Corp. (LSE: IHC, IHC or India \nHospitality) today announced that the advisory agreement between, among \nothers, the Company and Banyan Tree Capital Limited (\"Banyan Tree\") was \namended on 18 September 2008 (with the amendment effective as of 29 March \n2008). The amendment removed the final condition to the vesting of a \nright of Banyan Tree to be issued 500,000 ordinary shares in the capital \nof the Company with a par value of $0.001 (the \"Vested Shares\"). The \nboard has subsequently approved the issue of the Vested Shares. IHC and \nBanyan Tree have also agreed that the advisory agreement shall not be \nrenewed.\n\nBanyan Tree has signed a lock-up agreement in respect of the Vested Shares \nthat restricts the right of Banyan Tree to dispose of the Vested Shares \nduring a 2-year period. The lock-up agreement allows for a gradual release \nof the Vested Shares during the lock-up period.\n\nApplication to the London Stock Exchange has been made for the Vested \nShares to be admitted to trading on AIM. It is expected that admission \nwill become effective on 19 November 2008.\n\nThe Vested Shares will rank pari passu with the existing ordinary shares \nof the Company.\n\nFollowing the issue of the Vested Shares, the Company has 28,098,250 fully \npaid ordinary shares in issue.\n\n\n\nFor Further Information Contact: \n\nMedia Contact: \nMutual Image & Events Management Pvt. Ltd.\nHarsh Wardhan\n+91 11 41 416523\n\nInvestor Relations Contact:\nICR Inc. \nWilliam Schmitt \n+1 (203) 682-8200 \n\nNominated Adviser and Broker:\nDeutsche Bank \nMumtaz Naseem \n+44 20 7545 8000\n\n\nDeutsche Bank AG is IHC's nominated adviser and broker for the purposes of \nthe AIM Rules for Companies. Its responsibilities as IHC's nominated \nadviser and broker under the AIM Rules for Nominated Advisers are owed \nsolely to London Stock Exchange plc and not to IHC, any director of IHC or \nany other person.\n\nSOURCE India Hospitality Corp. \n\n /CONTACT: Media, Mutual Image & Events Management Pvt. Ltd., Harsh \nWardhan, +91-11-41-416523, or Investor Relations Contact: ICR Inc., \nWilliam Schmitt, +1-203-682-8200, or Nominated Adviser and Broker: \nDeutsche Bank, Mumtaz Naseem, +44-20-7545-8...