Jurys Doyle Hotel Group plc (Jurys Doyle) announces that it has placed 2,850,000 ordinary shares at a price of €9.00 in the marketplace to raise €25.65 million before expenses. The new shares will rank pari passu in all respects with the existing ordinary shares in issue.
Over the past two years Jurys Doyle has invested approximately €150 million in new developments. These included the opening of Jurys Great Russell Street Hotel and the 69-bedroom extension to Jurys Clifton Ford Hotel in London. The Group acquired the Chamberlain Tower Hotel in Birmingham in March 2001 and has since re-branded this property as Jurys Inn Birmingham. The sixth Inn in the UK, Jurys Inn Croydon, opens in February 2002. The Group’s strategy is to add to its portfolio and it is anticipated that the funds raised through the Placing will be used for this purpose. Looking forward, Jurys Inn Newcastle is scheduled to open in early 2003 and, in the USA, the Group is progressing plans for the opening of the new Jurys Hotel in Boston in 2004.
Certain of the directors of the Company are participating in the Placing in order to maintain their proportionate interests in the enlarged share capital. Mr Walter Beatty has subscribed for 205,528 ordinary shares and will in aggregate hold 4,505,197 ordinary shares, representing approximately 7.2 per cent of the enlarged issued share capital of the Company following the Placing. Ms Bernie Gallagher, Ms Eileen Monahan and Mr Tom Roche have each subscribed for 237,113 ordinary shares and together with their spouses will each hold 5,197,539, 5,197,541 and 5,197,540 ordinary shares respectively, each representing approximately 8.3 per cent respectively of the enlarged issued share capital of the Company following the Placing. In addition, Mr Paul MacQuillan has subscribed for 10,000 shares.
Application will be made for the new shares to be admitted to Official lists of the Irish Stock Exchange and the UKLA and to trading on the London Stock Exchange.