Mauritius-based holding company, Belle Mare Holding (BMH) is stepping up its stake in Hotelest Ltd, which is the parent firm of hospitality major Constance Hotels and Resorts.
In concrete terms, following a related party transaction between Belle Mare Holdings and a significant number of shareholders from Hotelest Limited, Belle Mare shareholding in Hotelest Ltd would increase to 30.01%.
As a consequence, Belle Mare is obligated to make a mandatory offer to the shareholders of Hotelest Ltd and Constance Hotels and Resorts.
In keeping with this requirement, Belle Mare Holding (BMH) gave to Constance Hotels Services Limited (CHSL) and Hotelest Limited on September 10, 2014 a copy of an offer document which contains relevant details of BMH’s mandatory offer to shareholders of CHSL and Hotelest.
For these transactions, BMH operates through Societe de Belle Mare, its wholly owned subsidiary, which is engaged in the property holding.
Both communiqués from CHSL and Hotelest, issued on the Stock Exchange of Mauritius, noted that the mandatory offer shall open on September 12, 2014 and remain open for acceptance till 4 pm on October 17, 2014.
In addition, the two boards have been notified about the offer document which has been sent on September 10, 2014 to all their shareholders, registered as at September 1, 2014.
The communiqués also highlighted the fact that a Reply Document will be issued on behalf of the Board of CHSL and Hotelest to all their shareholders to whom the Offer Document has been addressed.
The purpose of this Reply Document is to allow shareholders an informed decision to be made regarding the Mandatory Offer made by BMH.
The shareholders will receive the Reply Document on or about September 22, 2014 and the Board of CHSL and Hotelest advise their shareholders to wait for the Reply Document before taking any decision regarding the mandatory offer.
In order to advise the Board of CHSL and Hotelest as to whether the offer is fair and reasonable, the communiqués noted the appointment of an independent adviser whose task is to carry out the valuation of CHSL and Hotelest.
Both communiqués ended on the note that shareholders and investing public will be advised of any further developments and, in the interim, they are advised to exercise caution when dealing in the shares of CHSL and Hotelest.
Image (Constance Resorts): Following a related party transaction between Belle Mare Holdings (BMH) and a significant number of shareholders from Hotelest Limited, Belle Mare shareholding in Hotelest Ltd would increase to 30.01%, obligating BMH to make a mandatory offer to the shareholders of Hotelest Ltd and Constance Hotels and Resorts.
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