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.

SG price now 62c
Obviously
Holdings mainly of Substantial Shareholder, including direct and deemed interest: due to Chip Lian Pvte Ltd
No. of shares held before the transaction: 65,296,848
% of issued share capital: 4.77
No. of shares held after the transaction: 91,382,848
% of issued share capital: 6.68

Thanks Apex

The THO share cost will be covered by the cash in the bank (including the dividend) - don't forget they only have to pay for just over half the shares. I assume they have some immediate plans for developement and or m+a activity.

I will knock them off my list of preferred hotels and do wonder if it is a good thing to irritate the city in this way



ains

ains,
Sorry, what irritation are you suggesting?

most fund managers didn't want to sell at the 130p and didn't like the way the company shareholders and directors have been bullied



ains

They deserve all they get.
What can they expect from a holder who already had over 45%?
They would have to be naive to think they could keep their fingers in the dyke at that level.

maybe ....... but you don't have to like getting shafted and the city tends to have a long memory.



ains

SG opened and after an hour BIL is 65.5c
Looks like the THO deal is a good one for Singapore investors.

I see they have 57.93% now

New directors and CEO appointed

working lunch doing a thing on thistle

I'm not going to do anything with these. I got this from the offer docs:

BIL (UK) intends, as soon as it becomes entitled to do so, to apply the
provisions of sections 428 to 430F (inclusive) of the Companies Act to acquire
compulsorily any outstanding Thistle Shares to which the Offer relates.

So if they do get 90% of the private investor shares they will then acquire the rest of the shares. So whats all this crap about ending up with shares in a unlisted company!!!!!!!!!!!

They will apply to delist and can do much as they please on divs - with the money etc .... very high risk imho

Yes, but they can only delist if the own 100% of the shares

That's not true ..... if they withdraw the cash offer the shares will fall and it's in their interest to let that happen


ains

The offer says after the mention of the compulsorily purchasing all the shares that "BIL also intends, when practicable, to procure that Thistle applies for the cancellation of the listing of Thistle Shares on the Official List of the UK Listing Authority and for the cancellation of trading in Thistle Shares on the London Stock Exchange's market for listed securities."

When practicable is after they have compulsorily purchased all the shares. If they don't get them they can't delist!

So what if they withdraw and the price drops. If they tried again the price will just go up again. The only reason it's currently at 1.3 is because most people would sell out when it was lower.....

I think you will find they can delist before then ..... most advice is to sell now the board have capitulated and resigned

I had this before, and didn't sell then.

When they had enough people accepting, and they paid everyone out I also got a cheque. The company ceased to exist in its previous form and the shares were cancelled, so they didn't need my certificate.

They apply to the courts - it has happened to me on the odd occasion where I have a few tucked away somewhere. Last time it was script shares on Powergen that I forgot about

BIL's Amarsi named chief of Thistle Hotels
By Josephine Cumbo in London
Published: May 9 2003 13:30 | Last Updated: May 9 2003 13:30


Thistle Hotels has announced the appointment of a new chief executive and chairman less than a week after BIL, the Singapore-based investment company, obtained a controlling stake in the UK group.


Thistle, which had fought the hostile takeover bid from BIL, said that Arun Amarsi, current BIL chief executive, had been appointed CEO and managing director.

Tan Sri Quek Leng Chan, current BIL chairman, would also take over the same role at the hotels' group, Thistle said.

Along with the appointments, Thistle said that David Newbigging, Ian Burke, Charles Mackay, Arthur Hayes and Baroness O'Cathain had also resigned as directors.

The board changes come after BIL declared its improved 627m, or 130p-a-share, bid for the group unconditional after increasing its majority stake to more than 50 per cent. BIL is hoping that Thistle's remaining shareholders will also fall into line and help lift its equity level to 75 per cent, when it can take the company private.

BIL launched its original 115p-a-share offer at the beginning of March. Thistle tried to fight off the approach by claiming the group was worth more than 200p a share.

Thistle shares were flat at 130p in midday trading in London.

You wonder what success would be worth ..... it's a fing sad country where we pay for failure over and over again



Thistle chief set for 300,000 pay-off
By Alistair Osborne, Associate City Editor (Filed: 10/05/2003)


Ian Burke is in line for a 300,000 pay-off after being forced out as chief executive of Thistle Hotels yesterday following the group's 627m hostile takeover by its biggest shareholder, BIL International.

BIL, the Singaporean investment group which currently controls 58pc of Thistle stock and has declared its 130p-a-share offer unconditional, yesterday instigated a major board shake-up at London's biggest hotelier.

It saw the departure of five directors, including Mr Burke and David Newbigging, the non-executive chairman who will receive 60,000 compensation. Three other non-execs - Charles Mackay, Arthur Hayes and Baroness O'Caithan - also left.

Arun Amarsi, BIL's chief executive, becomes chief executive of Thistle, while existing non-executive, Tan Sri Quek Leng Chan, becomes chairman. Ian Durant, 44, Thistle's finance director, has been retained by BIL in the same role.

Mr Burke, 46, who joined Thistle in 1998, earned a total of 373,000 last year but, under a complex change-of-control clause in his contract, is entitled to less than a full-year's salary. Yesterday a BIL spokesman said: "He is being paid his legal entitlement."

Mr Burke will earn less than 10,000 from exercising share options at the takeover price, while his performance shares have failed to meet their targets. His pension is "under discussion", a BIL spokesman said.

Mr Burke resisted an intial 115p-a-share bid from BIL, which owned 46pc of the stock when it launched its bid. Shareholders buckled earlier this month when BIL raised its offer to 130p per share.

BIL added that it was appointing two new non-executive directors to the Thistle board. They are Michael Cairns, former chief operating officer of hotelier Queens Moat Houses, and ex-HSBC banker Thomas Robson.