Southern Hospitality Limited
Transaction Type: Company meeting (Share buyback)
Acquirer: Hospo Limited, Comcater Trust
Independent Adviser(s): Simmons Corporate Finance (Rule 18)
Date of meeting: 22/03/2018
Southern Hospitality Limited (SHL) has historically operated a buyback programme under which it has made periodic offers to shareholders to purchase shares issued under its employee share purchase scheme, up to a certain dollar value.
SHL wished to continue the buyback programme, under which it would buy back a maximum of 1,500,000 shares over a 3-year period. SHL sought shareholder approval to approve the programme as well as authorisation for certain shareholders (namely Hospo Limited and the trustees of the Comcater Trust together with their respective associates) to retain any increased percentage of voting rights held or controlled by them as a result of those shareholders not participating in those buybacks.
The Panel approved Simmons Corporate Finance Limited to prepare a rule 18 independent adviser’s report for SHL in respect of the continuation of the SHL share buyback programme.
On 22 March 2018, SHL shareholders approved the buyback programme.
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