easyHotel PLC Changes to stated post-offer intentions (2371L)
29 April 2020 - 8:00AM
UK Regulatory
TIDMEZH
RNS Number : 2371L
easyHotel PLC
29 April 2020
ICAMAP Investments S.ar.l
29 April 2020
THE FOLLOWING ANNOUNCEMENT IS BEING MADE PURSUANT TO THE
REQUIREMENTS OF RULE 19.6(B) OF THE CITY CODE ON TAKEOVERS AND
MERGERS (THE "CODE"), WHICH, INTER ALIA, SAVE WITH THE CONSENT OF
THE PANEL ON TAKEOVERS AND MERGERS, REQUIRES A PARTY TO AN OFFER TO
PROMPTLY MAKE AN ANNOUNCEMENT SHOULD IT DECIDE TO TAKE A COURSE OF
ACTION DIFFERENT FROM ITS STATED INTENTIONS DURING THE PERIOD OF 12
MONTHS FROM THE END OF THE OFFER PERIOD EXPLAINING ITS REASONS FOR
SO DOING.
29 April 2020
Citrus Holdco Limited ("Citrus"),
a company owned by a consortium of (i) Cadim Fonds Inc, part of
Ivanhoé Cambridge and (ii) ICAMAP Investment S.á r.l.
Changes to stated post-offer intentions regarding easyHotel plc
("easyHotel")
Citrus announces that, as foreshadowed by easyHotel in its
update dated 25 March 2020 on the actions taken by easyHotel in
response to COVID-19 (the "COVID-19 Update"), Citrus has decided to
take certain courses of action that differ in certain limited
respects from one of the statements of intent it made pursuant to
Rules 2.7(c)(iv) and 24.2 of the Code (the "Stated Intentions") in
connection with the recommended offer announced by Citrus on 5
August 2019 (the "Offer") and as set out in the offer document
published on 19 August 2019 (the "Offer Document").
The variation to the relevant Stated Intention, as set out
below, stems from the unprecedented challenges resulting from the
COVID-19 pandemic and the government prescribed action that
easyHotel has been required to take in closing its hotels, as
described in the COVID-19 Update. As part of the actions easyHotel
is taking to protect the cash flows within the business and
following a review of the support mechanisms for businesses
provided by the UK Government's Job Retention Scheme and similar
schemes in France and Spain, certain of its employees have been
placed within the job protection schemes that apply in the
countries where easyHotel operates. Other employees are continuing
to work where they can. Some of the employees who are being placed
within job protection schemes or who are continuing to work, will
do so on terms that will not or may not result in them being topped
up such that they will continue to receive 100% of their current
remuneration. However, certain categories of employees are being
topped up by easyHotel, including those who would otherwise receive
less than the minimum wage. It remains Citrus's expectation that
once easyHotel is able to reopen its hotels for business, its
employees will return to work on their current terms and
conditions.
Otherwise there has been no change to the Stated Intentions set
out in the Offer Document.
Except as otherwise defined in this announcement, capitalised
terms used but not defined in this announcement have the same
meanings as given to them in the Offer Document.
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END
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