India Hospitality Corp. Advisory Agreement with Banyan Tree Capital and
Admission of New Shares
LONDON, Nov. 18 -- India Hospitality Corp. (LSE: IHC, IHC or India
Hospitality) today announced that the advisory agreement between, among
others, the Company and Banyan Tree Capital Limited ("Banyan Tree") was
amended on 18 September 2008 (with the amendment effective as of 29 March
2008). The amendment removed the final condition to the vesting of a
right of Banyan Tree to be issued 500,000 ordinary shares in the capital
of the Company with a par value of $0.001 (the "Vested Shares"). The
board has subsequently approved the issue of the Vested Shares. IHC and
Banyan Tree have also agreed that the advisory agreement shall not be
renewed.
Banyan Tree has signed a lock-up agreement in respect of the Vested Shares
that restricts the right of Banyan Tree to dispose of the Vested Shares
during a 2-year period. The lock-up agreement allows for a gradual release
of the Vested Shares during the lock-up period.
Application to the London Stock Exchange has been made for the Vested
Shares to be admitted to trading on AIM. It is expected that admission
will become effective on 19 November 2008.
The Vested Shares will rank pari passu with the existing ordinary shares
of the Company.
Following the issue of the Vested Shares, the Company has 28,098,250 fully
paid ordinary shares in issue.
For Further Information Contact:
Media Contact:
Mutual Image & Events Management Pvt. Ltd.
Harsh Wardhan
+91 11 41 416523
Investor Relations Contact:
ICR Inc.
William Schmitt
+1 (203) 682-8200
Nominated Adviser and Broker:
Deutsche Bank
Mumtaz Naseem
+44 20 7545 8000
Deutsche Bank AG is IHC's nominated adviser and broker for the purposes of
the AIM Rules for Companies. Its responsibilities as IHC's nominated
adviser and broker under the AIM Rules for Nominated Advisers are owed
solely to London Stock Exchange plc and not to IHC, any director of IHC or
any other person.
SOURCE India Hospitality Corp.
/CONTACT: Media, Mutual Image & Events Management Pvt. Ltd., Harsh
Wardhan, +91-11-41-416523, or Investor Relations Contact: ICR Inc.,
William Schmitt, +1-203-682-8200, or Nominated Adviser and Broker:
Deutsche Bank, Mumtaz Naseem, +44-20-7545-8000 /