Island Hotels capital increased to 38.5 million shares

Island Hotels Group will be issuing 2 million new shares to be allotted to the shareholders in Buttigieg Holdings Limited within the next 10 days, in proportion to the number of shares they transferred to the Company.

On 10 June, Island Hotels Group Holdings plc announced that it had completed the purchase and acquisition of the remaining 50% shareholding in Buttigieg Holdings Limited (BHL) pursuant to a call option the company had retained under a framework agreement originally entered into in May 2011, when the company had acquired the initial 50% shareholding in BHL.

BHL is the parent company of the 100% owned subsidiaries of RJC Caterers Limited, a company operating mainly in the retail and contract catering sector, The Coffee Company Malta Limited and The Coffee Company Spain that operate the Costa Coffee franchise in Malta, the Eastern coast of Spain and the Balearic Islands.

As a result, the total issued share capital of IHG will increase to 38,583,660 shares.

This increase in share capital of IHG will have no dilutive effect on existing shareholders with respect to the proposed transaction with International Hotel Investments plc.

The objective of this acquisition is the consolidation of the investment on BHL as part of a group corporate re-organisation.