NEWS ALERT Laguna Beach Resort Sold
According to documents filed with the Stock Exchange of Thailand Laguna Resorts and Hotels Plc have sold their interest in the Laguna Beach Resort. The documentation is as follows:
Headline Dividend Payment and the 2011 Annual General Meeting ("AGM") and disposition of Assets
Date/Time 22 Feb 2011 19:45:39
Acquisition and disposition of assets
Approved the sale of all shares in Laguna Beach Club Limited ("LBC") held by the
Company and its subsidiaries (i.e. 199,999 shares held by the Company,
1,000,000 shares held by TWR-Holdings Limited and 1 share held by Laguna Banyan
Tree Limited being 1,200,000 shares in aggregate) to Laguna Phuket Club Co., Ltd
(the "Buyer") at the total purchase price of Baht 723,565,000 in aggregate for
the Company and its subsidiaries subject to adjustments in accordance with the
customary practice of the sale and purchase of a hotel property.
RHI Group Pte. Ltd., the joint venture partner of the Company in LBC will also
sell all of its shares together with the Company and the subsidiaries. As a
result, all shares in LBC will be sold to the Buyer under the same Share
Purchase Agreement ("Agreement").
To complete the sale of shares under the Agreement, certain conditions precedent
specified in the Agreement must be satisfied before the completion date which
is three months after signing or such other date as mutually agreed by the
parties. The current completion date is expected to be May 10, 2011. Upon
completion of the transaction, LBC and Laguna (1) Limited, a wholly-own
subsidiary of LBC, will no longer be a subsidiary of the Company.
This transaction does not constitute a transaction that requires a disclosure
of, or approval at the shareholders' meeting of the company shareholders.