Proposed Acquisition Of The Doyle Hotel Group And Vendor Issue Of 14.8 Million New Jurys Ordinary Sh

Highlights:
* Jurys has agreed terms for the acquisition of the entire share capital of Thornhill Incorporated, the holding company of the Doyle Hotel Group, conditional on shareholder approval; the Stock Exchanges` admission of new Jurys ordinary shares to the official lists; and regulatory clearance.

* Total consideration is e238.2 million (IR£187.6 million) satisfied by the issue to the vendors of 14.8 million new ordinary shares with a value of e122.9 million (IR£96.8 million) and the payment of e115.3 million (IR£90.8 million) in cash.


* The group will be renamed Jurys Doyle Hotel Group p.l.c., subject to shareholder approval at an extraordinary general meeting and the consent of the Minister for Enterprise, Trade and Employment to the change of name.


* The 14.8 million new Jurys ordinary shares in the vendor issue will represent 25% of the issued share capital of the enlarged group.


* Bernadette Gallagher, Tom Roche and Eileen Monahan, will be co-opted to the board of the enlarged group as non-executive directors.

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* The enlarged group will own 19 hotels and 9 inns with over 5,200 bedrooms in Ireland, the UK and the USA. Employing approximately 3,500 people, it will have a turnover of over e178 million (IR£140 million).

Mr Walter Beatty, Chairman of Jurys Hotel Group p.l.c. said: “We see this as the right step at the right time, the strategic rationale for this combination being compelling. Jurys Doyle Hotel Group will have the scale and scope to sustain strong organic growth and to develop through further acquisitions. The transaction represents a unique opportunity for both companies to take a major step forward and create a powerful Irish headquartered hotel group with sufficient scale to compete internationally”.

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