Banyan Tree says Accor subscription option has lapsed
19 JUN 2018
Banyan Tree Holdings Ltd [SGX: B58], a Singapore-based operator of resorts and hotels, announced (19 June) that an option which may be exercised under subscription agreement with French hospitality company Accor [EPA:AC] has lapsed on 19 June 2018 and is no longer exercisable.
Stock exchange announcement:
1. Introduction
Banyan Tree Holdings Limited ("BTH") refers to the announcement dated 27 April 2017 (the "27 April Announcement") in relation to, inter alia, the entry into of a subscription agreement (the "SA") with Accor S.A. ("Accor") which includes the grant by BTH to Accor of an option (the "Option") to acquire up to 10% of the share capital of BTH, on a fully diluted basis. (Note: All capitalised terms used but not defined herein shall have the same meanings given to them in the 27 April Announcement, unless otherwise expressly stated or the context otherwise requires.)
2. Option
BTH wishes to announce that the Option which may be exercised under the SA has lapsed on 19 June 2018 and is no longer exercisable by Accor.
Banyan Tree has a market capitalization of SGD 420.6m (USD 310m).