On 23 July, International Hotel Investments plc announced that shareholders approved all the items on the agenda during the Group’s tenth Annual General Meeting. One of the resolutions empowered the Board of Directors to issue up to 200 million new shares with a nominal value of €1.00 within a 15-month period. Moreover the resolution stated that the new shares can be issued at any price not less than the nominal value without first being offered to the existing shareholders.
The Meeting was also informed that during a Board Meeting held earlier on the day, the Directors approved a 4% bonus share issue to the free float shareholders (7.97% of the total share capital of IHI) on the Company’s register as at 31 December 2009. The bonus share distribution will be made out of capital reserves. IHI will also be offering to buy-back the said bonus shares from the eligible shareholders at the nominal value of the shares of €1.00.