GHL Gresham Hotel

RNS Number:4803X
Gresham Hotel Group Plc
19 June 2002


                                Gresham Hotel Group plc

                              Stock Exchange Announcement

                                  19 June 2002



The Board of the Gresham Hotel Group plc regrets the result of a vote by poll
which was called by the Red Sea Hotel Group, which resulted in Mr Jerry Liston,
Mr Paul McCracken and Mr Domenico Venosi not being re-elected to the Board. The
Red Sea Hotel Group hold a 28.25% shareholding in Gresham Hotel Group plc.

The Board is disappointed, but not surprised at Red Sea's actions in this regard
and want to stress that the Board and Management will continue to operate the
company in the interest of all shareholders both large and small.

The last five years has seen:


  • Dividend growth of 87%

  • An increase in net asset value per share of 115%

  • Gearing levels reduced to 53%

Furthermore, the earnings per share had increased by 128% prior to the
exceptional circumstances of last year.

The actions taken by the Red Sea Hotel Group are consistent with their behaviour
in recent times, whereby the Board is of the opinion that they are endeavouring
to seize control of the Group, without making a full and fair offer to all
shareholders. The Board would like to reiterate that the Red Sea Hotel Group has
refused to outline the details of their strategy, and how this would impact on
all stakeholders within the Group. The Red Sea Hotel Group also refused an offer
of representation on the Board of Gresham. They insisted that they required the
Board of Gresham to be reconstituted as they saw fit, giving them control, prior
to any detailed strategy being divulged.

It is the opinion of the Board of the Gresham Hotel Group that Red Sea are not
acting in the best interest of shareholders but rather acting in a manner which
demonstrates their ambition to acquire control of the company by stealth, and
more importantly without making an offer to all shareholders.


The Board of Gresham, now consider it incumbent upon the Red Sea Hotel Group to
take up Management's offer to enter into detailed strategic discussions. Failing
this the Board are calling on Red Sea Hotel Group to make a full and fair offer
to all shareholders.



For further information contact:

Patrick Coyle    Chief Executive   Gresham Hotel Group Plc       +353 1 817 6209

Fiona Gillespie  Communications Consultant                      +353 87 250 2447


                      This information is provided by RNS
            The company news service from the London Stock Exchange

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