Business
Re-admission to AIM
Re-admission to AIM.
About this update from Inspiration Healthcare Group Plc
[{"type":"text","content":"\n India Hospitality Corp.\n24 July 2007\n\n\nFor Immediate Release 24 July 2007\n\n India Hospitality Corp. Announces Re-admission to Trading on AIM\n\n\nNew York, NY. - July 24, 2007 - India Hospitality Corp. (LSE: IHC, IHC or India\nHospitality), today announced that its ordinary shares and warrants have today\nbeen re-admitted to trading on the AIM market of London Stock Exchange plc\nfollowing the completion of its acquisition of India-based Mars Restaurants\nPrivate Limited (MRPL or Mars), an emerging hotel and restaurant company, and\nSkyGourmet Catering Private Limited (SCPL or SkyGourmet), an airline catering\ncompany operating out of four locations in India, in a transaction involving\ncash and shares and valued at approximately US $110 million.\n\n\n\nAbout Mars\n\nMars was incorporated in 2000 by Mr. Sanjay Narang and his management team with\nthe objective of operating and managing restaurants. Since its incorporation,\nMars has diversified into bakery outlets and operating and managing food courts\nand hotels. For the nine months ended December 31, 2006, MRPL had audited\nrevenues of approximately US $7.2 million. MRPL currently employs over 550\npeople.\n\n\n\nAbout SkyGourmet\n\nSkyGourmet was incorporated in 2002 and is headquartered in Mumbai. SkyGourmet\ncurrently provides inflight catering services to a number of domestic and\ninternational airlines, including Jet Airways, Kingfisher Airlines, Air India\nExpress, Indian Airlines, Malaysian Airlines and Air France. It has operations\nin Mumbai, Bangalore, New Delhi and Pune. For the nine months ended December 31,\n2006, SCPL had audited revenues of approximately US $11.7 million. SkyGourmet\ncurrently has over 1,150 employees.\n\n\n\nAbout India Hospitality Corp.\n\nIHC is a blank-check company created to acquire Indian businesses or assets in\nthe hospitality, leisure, tourism, travel and related industries, including but\nnot limited to hotels, resorts, timeshares, serviced apartments and restaurants.\n\n\n\nIn August 2006, IHC raised US $103 million in an IPO and private placement and\nis listed on AIM, a market operated by London Stock Exchange plc, under the\nticker IHC. The Company was sponsored and advised by Hayground Cove Asset\nManagement LLC, a New York-based investment management firm with approximately\nUS $2.8 billion in gross assets under manage...