Business
Proposed Related Party Transaction & Notice of EGM
Proposed Related Party Transaction & Notice of EGM.
About this update from Pphe Hotel Group Limited
[{"type":"text","content":"\n \n \n RNS Number : 3924E\n PPHE Hotel Group Limited\n 27 February 2020\n \n \n \n \n \n \n 27 February 2020\n \n \n \n PPHE Hotel Group Limited\n (\"PPHE Hotel Group\", the \"Company\" or the \"Group\")\n \n Proposed Related Party Transaction and Notice of Extraordinary General Meeting\n \n PPHE Hotel Group, the international hospitality real estate group which develops, owns and operates hotels and resorts, announces today that the Company will be holding an Extraordinary General Meeting at 1st floor, Elizabeth House, Les Ruettes Brayes, St Peter Port, Guernsey GY1 1EW at 12 noon on 17 March 2020 (the \"Extraordinary General Meeting\"), notice of which is contained in a circular (the \"Circular\") which will shortly be available on the Company's website at www.pphe.com. \n \n The resolution to be proposed at the Extraordinary General Meeting seeks approval for the entry into a construction agreement (the \"Construction Agreement\") pursuant to which Gear Construction UK Limited (\"Gear UK\"), will provide services to the Group relating to the design and build of a new hotel to be known as art'otel london hoxton (the \"Related Party Transaction\"). \n \n Gear UK is classed as a related party of the Group for the purposes of the Listing Rules of the Financial Conduct Authority (the \"Listing Rules\"). Accordingly, the entry into the Construction Agreement by the Group constitutes a related party transaction for the purpose of the Listing Rules and requires the approval of the Group's independent shareholders (the \"Independent Shareholders\"). \n \n \n Further details of the proposed Related Party Transaction and the resolution which will be put to Independent Shareholders at the Extraordinary General Meeting are set out below and in the Circular.\n \n \n Terms used but not defined in this announcement shall have the meaning given to them in the Circular. \n \n \n \n \n \n Background\n \n to and reasons for the Related Party Transaction\n \n \n \n \n \n \n Group strategy\n \n \n \n \n \n The Group's business model is focussed on its expertise in both real estate development and hospitality operations, established over the last 30 years. This dual approach gives the Company the flexibility and control to invest ...