- Offer to shareholders and suspension of trading

Suncrest Hotels announced on 30 October that it had been notified by AX Investments plc, a subsidiary of AX Holdings Ltd, that AX Investments plc had applied to the Listing Authority seeking approval of an offer to be made to the shareholders of Suncrest Hotels plc for the purchase of Suncrest shares either for cash or by conversion of their shares into bonds to be issued by AX Investments plc and guaranteed by AX Holdings Ltd. In view of the impending offer, and in view of the fact that Suncrest shares have been the subject of very limited trading, the board of directors of Suncrest Hotels plc requested the Listing Authority to suspend trading in the company’s shares, pending approval of the terms of the offer by the Listing Authority, until such time that the full terms of the offer are disclosed to the general public.

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