Hotels owner and operator Park Plaza Hotels Ltd. (AIM:PPH), controlled by Eli Papouchado, has applied to list on the London Stock Exchange and cancel its listing on London’s Alternative Investment Market (AIM).
In a notice to the LSE, the company said, "Following the acquisitions made by the Group in recent years, the company directors believe that its position as an established and growing hotel owner/operator should now be reflected in the market on which its shares are traded. The directors believe that a move to the standard listing segment of the Official List and to trading on the Main Market, may improve the liquidity in its ordinary shares and raise the company's profile both domestically and internationally."
Park Plaza Hotels owns 25 hotels with 5,600 rooms in the UK, Germany, Netherlands, Hungary, and Israel. The company's revenue rose 74% €139.8 million in 2010 from €80.3 million in 2009, and its earnings before interest, taxes, depreciation and amortization (EBITDA) more than doubled to €37.6 million from €16.2 million.
The switch is scheduled to be completed by the end of June. When completed, the number of Israeli companies listed on the AIM will be 14 - one third the number at the peak.
Park Plaza's share price opened at ₤1.65 today, giving a market cap of ₤69 million.
Published by Globes [online], Israel business news - www.globes-online.com - on May 26, 2011
© Copyright of Globes Publisher Itonut (1983) Ltd. 2011