Scottish Highland - Offer Acceptances, etc.
20 August 1999 - 8:14PM
UK Regulatory
RNS No 2884m
SCOTTISH HIGHLAND HOTELS PLC
20 August 1999
PARAMOUNT HOTELS INVESTMENTS LIMITED
Recommended offer for Scottish Highland Hotels plc
On 18 August 1999, the board of Paramount Hotels Investments
Limited ("Paramount Hotels Investments") announced the terms of a
recommended cash offer, to be made by Apax Partners & Co. Capital
Limited on behalf of Paramount Hotels Investments, to acquire the
entire issued, and to be issued, share capital of Scottish
Highland Hotels plc ("Scottish Highland"). The document containing
the terms of the Offer was posted to Scottish Highland's
shareholders on 18 August 1999. The Offer is 130p in cash for
each Scottish Highland share which values Scottish Highland's
existing issued share capital at approximately #38 million.
Paramount Hotels Investments is a newly incorporated company
formed for the purpose of making the Offer and a wholly owned
subsidiary of Paramount Hotels Group Limited ("Paramount Hotels").
The Alchemy Investment Plan currently controls 87.5 per cent. and
directors and senior management hold 12.5 per cent. of the
ordinary share capital of Paramount Hotels.
Alchemy Partners, which was established in 1997, is a venture
capital advisory business and advises Alchemy Partners (Guernsey)
Limited, which manages the Alchemy Investment Plan.
On posting of the Offer, Paramount Hotels Investments held
irrevocable undertakings relating to, in aggregate, 5,557,880
Scottish Highland shares (representing 19.02 per cent. of the
issued share capital of Scottish Highland). Further details on
these undertakings are set out in yesterday's announcement and in
the Offer Document.
In addition, on 18 August 1999, Paramount Hotels Investments
acquired 8,738,663 Scottish Highland shares representing 29.90 per
cent. of the issued share capital of Scottish Highland at 130p per
share.
Accordingly, therefore, Paramount Hotels Investments now owns, or
has received undertakings to accept the Offer in respect of, in
aggregate, 14,296,543 shares in Scottish Highland, representing
48.92 per cent. of the issued share capital of Scottish Highland.
The directors of Paramount Hotels, Paramount Hotels Investments,
the directors of Alchemy Partners (Guernsey) and the partners of
Alchemy Partners, accept responsibility for the information
contained in this announcement and to the best of their knowledge
and belief (having taken all reasonable care to ensure that such
is the case). The information contained herein is in accordance
with the facts and does not omit anything likely to affect the
impact of such information.
Apax Partners, which is regulated by The Securities and Futures
Authority Limited, is acting for Paramount Hotels and Hotels
Investments and no one else in connection with the Offer for
Scottish Highland and will not be responsible to anyone other than
Paramount Hotels and Hotels Investments for providing the
protections afforded to their customers or for providing advice in
relation to the Offer.
END
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