TIDMPPH
RNS Number : 4990T
PPHE Hotel Group Limited
15 November 2019
15 November 2019
PPHE Hotel Group Limited
Update Statement
At this year's Annual General Meeting held on 15 May 2019
("AGM"), PPHE Hotel Group Limited ("PPHE", "Company") received the
following votes in respect of resolutions 8 and 9.
Resolution 8: To re-appoint Kevin McAuliffe as a Director of the
Company:
Total votes cast For(*) Against(*) Withheld
Number % Number %
------------ -------- ------------ --------
25,893,876 23,569,039 91.02 2,324,837 8.98 0
------------ -------- ------------ -------- ---------
7,519,059** 5,194,222** 69.08** 2,324,837** 30.92** 0**
------------ -------- ------------ -------- ---------
Resolution 9: To re-appoint Nigel Jones as a Director of the
Company:
Total votes For(*) Against(*) Withheld
cast
Number % Number %
------------ -------- ------------ --------
25,893,876 23,569,039 93.05 1,759,667 6.95 565,170
------------ -------- ------------ -------- ----------
7,519,059** 5,194,222** 74.70** 1,759,667** 25.30** 565,170**
------------ -------- ------------ -------- ----------
(each a "Resolution" and together the "Resolutions")
* Includes discretionary votes
** Votes cast by independent shareholders
Based on discussions with major independent shareholders, the
Company understands that the voting decisions were centred on the
perceived independence of Mr. McAuliffe and Mr. Jones due to their
length of service of more than nine years. Consequently,
shareholders had concerns about the composition of the Board
Committees of which both were members prior to the AGM.
The independence of Mr. McAuliffe and Mr. Jones was carefully
considered when proposing them both for re-election (including the
matter of their respective tenures). Whilst the Board believes that
both Mr. McAuliffe and Mr. Jones are highly effective and engaged
members of the Board with a wealth of knowledge which is highly
valued by the Company, the Board has given further consideration to
the views of its independent shareholders and taken the following
steps since the AGM vote.
As previously announced the Company has recently recruited a new
independent non-executive director, Mr. Kenneth Bradley. Mr.
Bradley has been appointed to the Audit and Remuneration
Committees. Additionally, Mr. Bradley has joined the Nominations
Committee which is now composed of four non-executive directors,
three of which are deemed to be independent (reducing to three
non-executive directors two of which will be independent when Mr
Jones retires).
Resolution 8:
While the Board continues to believe that Mr. McAuliffe is
independent in character and judgement, he is no longer deemed to
be an independent director by virtue of his role as Deputy Chairman
and has consequently stepped down from both the Audit and
Remuneration Committees. Mr. McAuliffe will remain Deputy Chairman,
primarily tasked with overseeing corporate governance.
Resolution 9:
Mr. Jones will retire from the Board prior to the annual general
meeting to be held in 2020 following the publication of the 2019
annual financial results. In anticipation of Mr. Jones's
retirement, the Company is currently looking for an additional
independent non-executive director to join the Board.
The Company will continue to engage with independent
shareholders and with the main proxy advisory agents on this and
other matters as appropriate. Accordingly, a final summary will be
provided within the Company's forthcoming Annual Report and
Accounts.
Enquiries:
PPHE Hotel Group Limited
Inbar Zilberman, General Counsel Tel: +44 (0) 20 7034 1376
Notes to Editors
PPHE Hotel Group is an international hospitality real estate
company, with a GBP1.7 billion portfolio (valued as at summer of
2019) of primarily prime freehold and long leasehold assets in
Europe.
PPHE Hotel Group's guiding principle is to generate attractive
returns from operations and long-term capital appreciation.
Through its subsidiaries, jointly controlled entities and
associates it owns, co-owns, develops, leases, operates and
franchises hospitality real estate. Its primary focus is
full-service upscale, upper upscale and lifestyle hotels in major
gateway cities and regional centres, as well as hotel, resort and
campsite properties in select resort destinations.
PPHE Hotel Group benefits from having an exclusive and perpetual
licence from the Radisson Hotel Group, one of the world's largest
hotel groups, to develop and operate Park Plaza(R) branded hotels
and resorts in Europe, the Middle East and Africa. In addition,
PPHE Hotel Group wholly owns, and operates under, the art'otel(R)
brand and its Croatian subsidiary owns, and operates under, the
Arena Hotels & Apartments(R) and Arena Campsites(R) brands.
This multi-brand approach enables PPHE Hotel Group to develop and
operate properties across several segments of the hospitality
market.
PPHE Hotel Group is one of the largest owner/operators of hotels
in central London and its property portfolio comprises of 38 hotels
and resorts in operation, offering a total of approximately 8,800
rooms and 8 campsites, offering approximately 6,000 units. PPHE
Hotel Group's development pipeline includes two new hotels in
London and one in New York City which are expected to add an
additional 600 rooms by the end of 2022/2023.
PPHE Hotel Group is a Guernsey registered company with shares
listed on the London Stock Exchange and a constituent of the FTSE
250. PPHE Hotel Group also holds a controlling ownership interest
in Arena Hospitality Group, whose shares are listed on the Prime
market of the Zagreb Stock Exchange.
Company websites
www.pphe.com
www.arenahospitalitygroup.com
For reservations
www.parkplaza.com
www.artotels.com
www.arenahotels.com
www.arenacampsites.com
For images and logos visit
www.vfmii.com/parkplaza
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END
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