Business
Investment Commitment
Investment Commitment.
About this update from Inspiration Healthcare Group Plc
[{"type":"text","content":"\n India Hospitality Corp.\n03 December 2007\n\n\nFor Immediate Release 3 December 2007\n\n\n\n India Hospitality Corp.\n\n\nIndia Hospitality Corp. Announces US $75 Million Investment Commitment from\nNavis Capital Partners and Hayground Cove Asset Management\n\n\nNew York, NY - December 3, 2007 - India Hospitality Corp. (LSE: IHC, IHC or\nIndia Hospitality), today announced that its controlling shareholders, Navis\nCapital Partners and Hayground Cove Asset Management, have committed to invest\nan aggregate of an additional US $75 million in the company.\n\n\n'Given IHC's strong capital structure and cash position, combined with strategic\ncommitments from Hayground Cove and Navis, IHC is now very well positioned to\ncapitalize on the wealth of opportunities India's hospitality and travel sectors\nprovide,' said Jason Ader, Chairman of India Hospitality Corp. and CEO of\nHayground Cove.\n\n\nReaffirming their commitment to IHC and their enthusiasm for these growth\nopportunities, executives from Navis and Hayground Cove will play increasingly\nactive roles at the Board and operating company level. Further strengthening the\nworking partnership, the Company announced that IHC's Board of Directors\napproved the appointment of current director and interim Chief Executive Officer\nRichard Foyston, a founder and Managing Director of Navis, as IHC's Deputy\nChairman.\n\n\nFoyston added, 'We are fully confident in the Company and believe that it is\nuniquely positioned to become a leader in the rapidly growing Indian hospitality\nmarketplace. We are pleased to invest further in IHC and share in what we\nbelieve will be its many successes going forward. We are pleased to be making\nthis investment together with our partners at Hayground Cove.'\n\n\nThe investment from Navis and Hayground Cove comes approximately four months\nafter the closing of IHC's acquisition of Navis-owned Mars Restaurants Private\nLimited and SkyGourmet Catering Private Limited for US $110 million, in which\nNavis had retained an option to invest up to US $75 million back into India\nHospitality. The revised terms of the option allow both sponsors to invest US\n$75 million in IHC but now as a staged investment which more closely matches the\nCompany's need for capital. Hayground Cove and Navis will acquire units (of one\nordinary share and two warrants) for an im...