Holding these for shareholder discount and the belief that someone will come along with a plan on what to do with them .....

Now could be the right time to get in for a ride northwards with little downside risk


ains


Thread started at 95p mid - currently at a high of 129p - up 35.79%








Investec Securities took the stock off its "sell" list citing among other factors the potential for "corporate action".


Banks call in Ernst & Young to check out Thistle Hotels
By Lauren Mills and Damian Reece (Filed: 02/02/2003)


Thistle Hotels' bankers, led by the Royal Bank of Scotland, have hired Ernst & Young to carry out a review of the business which could lead to sweeping management changes and disposals at the hotels group.

Although Thistle has around 320m in the bank, the banks are thought to be alarmed at the group's precarious trading position. They are also said to be questioning the ability of the management to steer the company through a period of uncertainty in the market.

In January, Thistle revealed a 10.5 per cent drop in average room rates in London last year. It also refused to give details of how it planned to spend the cash raised through the disposal of 31 regional hotels to Orb Estates last March for 600m. As part of the deal, Thistle retained management contracts to run the hotels.

The group also admitted it would be difficult to forecast turnover for 2003 because it remained "cautious as to when there will be a recovery in general hotel trading conditions".

Ernst & Young is expected to report back to the banks on the company's overall financial strength within the next two weeks. E&Y is likely to focus on current trading, as well as prospects for improving performance in a relentlessly difficult market.

The accountancy firm will also advise the banks on a range of strategic options including further disposals.

Thistle's shares rallied 9p to 98p at the end of last week after Investec Securities cited "corporate activity" as a reason for taking the stock off its "sell" list.

Ian Burke, the chief executive, is under mounting pressure to clarify whether he plans to return the cash to shareholders or spend it on acquisitions.

His indecision is causing friction among Thistle's leading institutional shareholders who hold differing views about what should be done with the cash.

The two biggest shareholders, each of which has a seat on the board, are BIL International, which owns 45.8 per cent, and the Government of Singapore which has a 13.1 per cent stake.

Other large investors include Havelock Investments and Tweedy Brown Company.

A spokesman for the company insisted it knew nothing of E&Y's review. He also confirmed that Burke would update the City with a strategic plan for the group when it announces its year-end results in early March.

wide spread now - mostly retail trades - vol now average @ 348k - up 7.5% intraday and well off the highs.


ains


Thistle Hotels may get takeover bid
21/02/2003 12:43


LONDON (Reuters) - Singapore-based investment firm BIL International has said it is considering making an offer for the 54 percent of Thistle Hotels it does not already own.

BIL said it was considering making an offer at a modest premium to Thistles closing share price of 98.5 pence on Wednesday February 18.

At 1225 GMT shares in Thistle , which has been long-considered a takeover target, were six percent higher at 106 pence.


2003 Reuters

Thistle's top investor mulls takeover
21 February 2003, This Is Money

HE major shareholder in Thistle Hotels, Kiwi entrepreneur Sir Ron Brierley, is considering buying out minority investors. Brierley's Singapore-based investment vehicle BIL International said any bid would be at a 'modest premium' to Thistle's closing price of 98 1/2p a share on 18 February.

The shares were ahead 7 1/2p at 107 1/2p, valuing the chain - long considered a takeover target - at 518m. They traded at 151p early last year, and floated at 170p in 1996. BIL currently owns 46% of the stock.



2003 Associated Newspapers

21 Feb 2003 13:19 GMT

UPDATE 1-Thistle Hotels jumps as BIL grasps nettle

(Adds detail, background, updates shares)
LONDON, Feb 21 (Reuters) - Shares in Britain's Thistle Hotels Plc rallied on Friday after Singapore investment firm BIL International BRY.SI said it might make an offer for the 54 percent of London's largest hotelier it does not already own.

BIL, controlled by Malaysian tycoon Quek Leng Chan, said it was considering paying a "modest premium" to Thistle's closing share price of 98.5 pence on Wednesday February 18.

"However, there can be no assurances that any offer will be forthcoming," it said in a statement.

At 1250 GMT shares in Thistle, which has 22 of its 56 hotels in London, were 7.5 percent higher at 107-1/2 pence, valuing the operator of The Royal Horseguards and Thistle Tower hotels at around 518 million pounds ($825 million).

Thistle, which was floated by BIL at 170p per share in 1996, has long been considered a takeover target, with management coming under criticism for poor performance and reluctance to return cash to investors after raising 598.6 million pounds last April from a deal to sell, but retain management of, 37 hotels.

In January, Jersey-based investment group Orb Estates decided against a bid for Thistle after saying last November it was considering an offer at a modest share price premium.

Hotels across the world are suffering from the global economic downturn and a drop in tourism amid fears of war.

This has sparked much broader speculation about mergers and acquisitions.

On Wednesday, pubs and restaurants entrepreneur Hugh Osmond said he was considering an all-share bid for Six Continents Plc SXC.L , the world's biggest international hotel group with chains such as InterContinental, Crowne Plaza and Holiday Inn.

Thistle declined to comment on the statement from BIL.

2:06pm (UK)
Thistle Hotels Shares Rise on Bid Hopes

By Ben Griffiths, City Staff, PA News


The investment firm founded by entrepreneur Sir Ronald Brierley, chairman of Guinness Peat Group, today confirmed it was considering making an offer for the remaining stake in Thistle Hotels it does not already own.

Singapore-based BIL International said in a statement that its board had met on February 19 to consider making an offer at a modest premium to the hotel groups share price, then 98.5p.

BIL already owns 46% of Thistle, Londons biggest hotel operator with 24 of its 56 upmarket hotels in the capital including the famous Royal Horseguards and the Thistle Tower.

Shares in Thistle, which also operates hotels in major cities including Edinburgh, Newcastle and Birmingham, have risen in recent days as City traders looked to cash in on the bid rumours.

As news of the bid was confirmed today, the shares rose another 7.5p or 7% to 107.5p.

But in its the statement, which was issued in response to recent share price movements, BIL said it could offer no assurance that any offer would be forthcoming.

BIL, formerly known as Brierley Investments Limited, was established in New Zealand in 1961 by 65-year-old Sir Ronald. After retiring from the board on the 40th anniversary of the firms founding in March 2001, Sir Ronald became founder president, an appointment for life.

Along with its sector rivals, Thistle has struggled with a slower-than-expected recovery in the global economy which has hampered its efforts to win back customers after September 11.

In January Thistle said its results for 2002 would meet market expectations but added it was difficult to forecast the likely outcome for 2003.

Since the fall in tourists visiting the UK after the terrorist attacks, Thistle has been focused on keeping tight control of costs and on cash generation.

Thistle has previously been linked to bid offers, most recently at the end of last year when investment group Orb Estates expressed an interest in the group.

The offer evaporated in January when Orb said it had decided against pursuing a bid which it had considered at just over the then-share price.
s

Re post 19 and to show that your not just talking to yourself even if you are the only poster :O)

21/02/2003 13:36:06
(Correcting to clarify that Sir Ron Brierley is no longer associated with BIL International Ltd) LONDON (AFX) - BIL International Ltd said it is considering a bid for the shares it does not already own in Thistle Hotels PLC.

Any bid would be at a "modest premium" to Thistle Hotel's closing market price of 98.5 pence a share on Feb 18, BIL said.

BIL currently owns 46 pct of Thistle

:-))


Thistle never attracts much retail interest but money is money

volumes are surprisingly low - would expect any other interested parties to emerge in next few days - currently up 7.5% on the day


ains

I've held my thistle shares from the beginning and watched the advisers make loads of money on all the various schemes and changes since the initial issue. I've never used any of the shareholders benefits, as I've never really had the need/opportunity to do so. I'm making a pretty big loss, not sure how much - cause I've been ignoring them - just bank the divi & other payments they from time to time remember to send us stupid shareholders who got in ...............

They have not been a good buy and hold share although there have been various capital repayments and fairly high divs .... I do use the shareholder perks.

From memory they floated around 160p

I trade them from time to time although I have also held a modest number all the way through. would be interesting to see if you have made ome sort of gain if you take the repayments into account.

Poor management (caused by the biggest shareholder imho) overall is to blame although 11/09 and Foot and Mouth did not help in recent times.


ains

Thistle Hotels PLC
21 February 2003

21st February 2003



Not for release, publication or distribution in or into the United States of
America, Canada, Australia or Japan.



Thistle Hotels plc ("Thistle")



Response to share price movement and BIL International Limited announcement



Thistle notes the movement in its share price today and the announcement by BIL
International Limited ("BIL"), which owns approximately 46% of the shares of
Thistle, that the Board of BIL had met to consider making an offer for the
issued and to be issued share capital of Thistle that BIL does not already own.



The Board has not received any formal approach from BIL regarding a possible
offer.



A further announcement will be made in due course and in the meantime
shareholders are advised to take no action.

Could be of interest ..... THO may buy the hotels back at heavy discount ...





Orb poised to strike deal with Izodia over 33m
By Simon Goodley (Filed: 22/02/2003) Telegraph


Izodia and Orb Estates, the two companies at the centre of a Serious Fraud Office investigation into 33m of missing cash, are understood to be on the verge of agreeing a settlement.

The deal, which is thought to have been provisionally agreed by both parties, has been struck just as Orb was to be ordered by a Jersey court to reveal the whereabouts of the missing funds, which disappeared from Izodia's account last year. A hearing had been provisionally scheduled for yesterday.

Orb is thought to have agreed to repay the missing cash, plus costs and interest, although timescales are not clear. Sources speculated last night that the deal could lead Orb into a sale of the 37 hotels it bought from Thistle Hotels for 600m last March.

Despite the deal, the SFO's investigation - which is separate from the Jersey hearing - continues. Its officers raided Orb's premises in December after receiving "an allegation of unlawful appropriation of funds" belonging to Izodia.

Orb is the largest shareholder in Izodia, a former software company which has been reduced to a cash shell. Izodia's only two directors during the period being investigated were Jarlath Vahey and Peter Catto, both of whom have ties to Orb.

Orb denies any wrongdoing.

Izodia admitted last month that most of its remaining 33m cash pile is no longer under its control. The exact whereabouts of the funds is still unknown, although the majority of the money - thought to be around 27m - was transferred to associate companies of Orb.

Both companies declined to comment last night.

Any sale of the hotels acquired by Orb from Thistle would add to the activity in a sector which is already at the centre of consolidation and merger speculation.

Coincidentally Singapore investment group BIL International yesterday said it might make an offer for the 54pc of Thistle Hotels it does not already own.

BIL, controlled by Malaysian tycoon Quek Leng Chan, said it was considering paying a modest premium to Thistle's closing share price of 98.5p on Wednesday.

Thistle shares closed up 7.5 at 107.5p.

Brierley group considers offer for Thistle Hotels
By Susie Mesure INDY
22 February 2003


Thistle hotels yesterday joined the list of British hoteliers being stalked by would-be predators after BIL International, its majority shareholder, admitted it was considering making an offer.

BIL, a Singapore-based investment group, said its board was considering launching a bid "at a modest premium" to Thistle's share price as of Thursday's close of 100p. It is thought that BIL, whose president is the New Zealand entrepreneur Sir Ron Brierley, was forced by the Takeover Panel to issue a statement in response to a sharp rise in Thistle's share price. Thistle's stock climbed 7.5 per cent to 107.5p, valuing the group at just under 520m.

In response, Thistle said it had "not received any formal approach from BIL regarding a possible offer". Ian Burke, its chief executive, has come under fire for dithering about what to do with 600m he raised in April by selling 37 of its hotels but while retaining the management rights.

BIL, which floated Thistle in 1996 at 170p a share, said there could be "no assurance that any offer will be forthcoming". It has a 46 per cent stake in Thistle.

This is the second time in four months that Thistle has been the subject of takeover speculation. Last month, Orb Estates, a Jersey-based investment group that bought the 37 Thistle sites in March, decided against a bid for the London hotelier.

Peter Joseph, an analyst at KBC Peel Hunt, said: "The group has got itself in a pickle over its balance sheet but I can't understand why it's worth less than 150p to 175p per share."

MAIL


Thistle's top investor mulls takeover
James Rossiter, Evening Standard 21 February 2003

ECRETIVE Far Eastern investors are set to pay 260m to take over Thistle Hotels group, owner of hotels such as the Tower Thistle. BIL International, a Singapore-based investment company run by financier Arun Amarsi, has confirmed it is considering an offer at a 'modest premium' to the 98 1/2p at which Thistle shares closed on 18 February. It already holds 46% of the stock.



BIL has a significant Malaysian financial backer, Quek Leng Chan, who owns a 22% stake in BIL through his Camerlin investment company.


Thistle shares raced up 8% to 108p ahead of BIL's confirmation. An offer of around 110p would value Thistle at 530m. BIL, whose president is New Zealand entrepreneur Sir Ron Brierley, floated Thistle for 170p in 1996.

Guardian

Singaporeans mull Thistle bid

Advisers deny putting hotelier in play on back of Osmond campaign

Richard Wray
Saturday February 22, 2003
The Guardian

Thistle Hotels found itself thrust into the limelight yesterday as the Singaporean finance firm that controls almost half the hotel group said it is considering a full bid.
BIL International, which is better known in the City under its old name of Brierley Investments, said that its board met on Wednesday to consider making an offer at "a modest premium" to Thistle's current share price.

Shares in the hotel group gained 7.5p yesterday to end the day at 107.5p, valuing the company at 518m. BIL owns 46% of Thistle which it brought to the London market in 1996 at 170p a share.

The Singaporean investment firm, controlled by Malaysian billionaire Quek Leng Chan, is believed to have become increasingly disillusioned with Thistle's poor share price performance and the failure of the company's management team, led by chief executive Ian Burke, to return cash to shareholders.

Shares in Thistle, which reports annual results on March 3, are currently trading well below the 200p-plus estimates that analysts have placed on its net asset value.

BIL has so far only made a very tentative informal approach to the Thistle board and admitted yesterday that it might not make a bid.

But the company's advisers last night denied that they were merely putting the company 'in play' after noting the interest in rival hotel group Six Continents, owner of the Holiday Inn brand.

Thistle has been the subject of abortive approaches in the recent past. Both Millennium & Copthorne and Orb Estates have been involved in potential deals with the Leeds-based company.

Jersey-based Orb Estates bought 31 regional and six London hotels from Thistle for 600m in March 2002. Orb then opened up communications with BIL through Mr Chan, its chairman and controlling shareholder who is also a non-executive director of Thistle.

Orb finally pulled out of talks with Thistle last month amid rumours that it had been unable to secure financial backing for a deal.

Separately Orb's offices were raided just before Christmas by the serious fraud office following allegations that funds had been stolen from a shell company called Izodia in which Orb holds a major stake.

The Singaporean government's investment arm is also a major shareholder in Thistle, with about 19% of the company.

It has a representative - Lau Wing Tat - on the board as a non-executive but is not, however, understood to be involved in the BIL approach.

As well as Mr Chan, BIL's managing director Arun Amarsi is also a non-executive director of Thistle.

Scotsman

Thistle Hotels shares soar 7.5% on rumours of investment giant's bid

IAIN DEY


SHARES in Thistle Hotels surged 7.5 per cent yesterday after Singapore investment firm BIL International revealed it could make a bid.

BIL, controlled by Malaysian tycoon Quek Leng Chan, said it was considering a swoop for the 54 per cent stake in Thistle it does not already won.

Any bid would be at a "modest premium" to Thistles closing share price of 98.5p on 18 February.

"However, there can be no assurances that any offer will be forthcoming," it said in a statement.

Shares in the group, which has 56 hotels across the UK including operations in Edinburgh, Glasgow, Inverness and five sites in Aberdeen, closed 7.5p up at 107.5p on the back of the news - valuing the group at about 518 million.

Thistle confirmed it had met with BIL, but insisted that no formal offer has been tabled to date.

It added: "A further announcement will be made in due course and, in the meantime, shareholders are advised to take no action."

Thistle, which was floated by BIL at 170p per share in 1996, has long been considered a takeover target.

The management has come under fire for poor performance and reluctance to return cash to investors after raising 598.6 million last April from a deal to sell, but retain management of, 37 hotels.

In January, Jersey-based investment group Orb Estates decided against a bid for Thistle after saying last November it was considering an offer at a modest share price premium.

Along with its sector rivals, Thistle has struggled with a slower-than-expected recovery in the global economy, which has hampered its efforts to win back customers after 11 September.

In January, Thistle said its results for 2002 would meet market expectations but added it was difficult to forecast the likely outcome for 2003.

Thistle is Londons largest hotel operator with 22 sites, which has left it heavily exposed to the post-11 September tourist downturn.

The sectors woes have sparked much broader speculation about mergers and acquisitions.

Times

February 22, 2003

Thistle may face takeover bid by main investor
By Dominic Walsh



THISTLE Hotels, Londons biggest hotelier, was back in the takeover spotlight yesterday after its biggest shareholder said it was considering bidding for the rest of the company.
BIL, the Singaporean investment company that owns 46 per cent of Thistle, confirmed that its board had met on Thursday to consider making an offer for the rest of the shares at a modest premium to the then share price of 98p.

Thistle, which said that it had yet to receive a formal approach, is expected to reject any such offer, pointing to its net asset value of about 220p a share and the 360 million of cash on its balance sheet after last years sale and leaseback of 37 hotels.

Any attempt by BIL to buy the rest of the shares could hinge on the Singaporean Government, which owns a 13.1 per cent stake and is thought likely to align itself with BIL. However, the independent directors of Thistle will be keen to make sure that other investors are not disadvantaged.

BILs move is seen as a sign of frustration at its inability to find a credible buyer for Thistle.

In 1998 the shares soared to 250p after an abortive bid by Guy Hands, then of Nomura International. At the end of last year, Orb Estates, the discredited property firm, said it was considering a bid but withdrew under pressure from the Takeover Panel.

The involvement of BIL, formerly Brierley Investments, dates back to 1991 when it triggered an ultimately successful bid for the company by lifting its stake above 29.9 per cent. Five years later it floated the business on the London Stock Exchange at 170p, retaining a 46 per cent stake.

One analyst said: This is clearly an attempt to buy Thistle on the cheap after BILs failure to unlock a way of selling out at a decent price. It is clear that Ian Burke (Thistles chief executive) knew absolutely nothing about this.

Thistles London properties include the Royal Horse-guards, the Thistle Tower and Cannizaro House in Wimbledon. It sold 37 of its 55 hotels, most of them in the regions, to Orb Estates in a 600 million sale and leaseback in March and is under pressure to return the cash to shareholders.

The sharp rise in the shares yesterday morning that prompted the Takeover Panel to force BIL to make a statement is expected to come under the scrutiny of the Financial Services Authority, the City regulator. Having touched 110p, the share price closed up 7p at 107p.

wow ainsoph - you have been busy!

Well so have I. I managed to did up all my paperwork since acquiring the shares and ignoring inflation overall I'm currently 28% down on my orginal investment.

So much for the long term!

Hi ..... just been looking up the history - My charts go back 5 years and shown that the FTSE250 has fallen around 25% since this time 5 years ago but if you take the peak in september 2000 the index has fallen maybe 45% ....

If you look over the last year the shares have easily outperformed the sector over the year - the month and the week. I appreciate this doesn't get you your money back but maybe that is about to happen ...... very soon



ains

Closed on a high for the day and the month @ 108/112p on heavyish t/o with a late 500K spt now showing



ains

With the Americans staying away and people not booking as they are uncertain about what's happing about Iraq - I wonder if the rise is going to be shortlived.

Possibly worth a punt if drops back down, and will reduce my % losses to a level which will not take as long to recover?

News at this time is not good from the tourist front but they have been offering special deals foe UK based 'tourists' and we are talking M+A based on assets worth more than double current price.


ains