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Mon 5th Aug 2019 - Easyhotel board recommends 95p a share offer valuing shares at £138.7m
Easyhotel board recommends 95p a share offer valuing shares at £138.7m: The board of Easyhotel have recommended a 95p a share cash offer for the business from Cadim Fonds, part of Ivanhoé Cambridge and Icamap Investments. The offer represents a premium of 34.8% to the closing price of 70.5p for each Easyhotel share on 2 August 2019. The terms of the offer value the entire issued and to be issued ordinary share capital of Easyhotel at approximately £138.7 million on a fully diluted basis and implies an enterprise value of £126.1 million and a multiple of approximately 36.7x Easyhotel’s Ebitda of £3.4 million for the twelve months ended 31 March 2019. Ivanhoé Cambridge and its affiliates develop and invest in high-quality real estate properties, projects and companies that are shaping the urban fabric in dynamic cities around the world. They do so responsibly, with a view to generating long-term performance. ICAMAP is an independent real estate fund manager with a wealth of expertise in real estate, capital markets and private equity. Karim Habra, head of Europe for Ivanhoé Cambridge, said: “We are pleased with our proposed investment in Easyhotel, a disruptive and innovative model that has already proven its success and has the potential for the creation of a leading European budget hotel platform. Alongside our partner, we intend to support the company’s growth and expansion across Europe. This investment aligns with our objectives to diversify in new strategies by seeking value-creation opportunities.” Harm Meijer, managing director of ICAMAP Advisory S.à r.l. and one of the founding partners of ICAMAP, said: “We have been a shareholder in Easyhotel since October 2016 and have been the principal supporter of two capital raises. We continue to believe in the long-term strategy of the business. However, we also believe that the company needs a change in its shareholder base in order for Easyhotel to become a true leading pan-European budget hotel player. In our view, Ivanhoé Cambridge and ICAMAP are ideally positioned to provide the capital and stewardship the company needs. Our offer enables shareholders to exit from an illiquid stock at a 34.8% premium and, we believe, will result in greater clarity of ownership and direction for the company and its management team. We are open-minded about whether Easyhotel remains a publicly traded company or becomes private. In either case, we believe that the change of ownership which our offer will deliver is essential to enable Easyhotel to navigate the current market uncertainty and to thrive in the future.” Jonathan Lane OBE, chairman of Easyhotel, said: “The Independent Easyhotel directors consider that the offer is fair and reasonable and in the best interests of shareholders, the company, its employees and wider stakeholders. Liquidity in Easyhotel stock has been limited since the company was admitted to AIM five years ago. If accepted, the Offer should enable the Easyhotel Group to accelerate its expansion into major European cities where it sees significant opportunity, underpinning the long-term growth and prosperity of the Easyhotel brand.”

Boards of Takeaway.com and Just Eat agree merger terms: The boards of Takeaway.com N.V. and Just Eat have reached agreement on the terms of a recommended all-share combination to be effected by means of a scheme of arrangement between Just Eat and the Just Eat shareholders under Part 26 of the Companies Act 2006. Upon completion of the combination, it is intended that the name of the combined group will be Just Eat Takeaway.com N.V. The combination would create one of the largest food delivery companies in the world, with scale, strategic vision, industry-leading capabilities, leading positions in attractive markets and a diversified geographic presence. Under the terms of the combination, Just Eat shareholders will be entitled to receive: 0.09744 New Takeaway.com shares in exchange for each Just Eat Share. Immediately following completion of the Combination, Just Eat shareholders will own approximately 52.15% and Takeaway.com shareholders will own approximately 47.85% of the share capital of the combined group. A statement said: “The Just Eat board and the Takeaway.com management board believe that the combination is a highly compelling opportunity to create a combined business that will benefit from: creating one of the world’s largest online food delivery platforms with 355 million orders worth €7.3 billion in 2018; a strong, founder-led management team with 40 years of combined experience in the sector; strong leadership positions in many of the world’s largest food delivery markets, including the United Kingdom, Germany, the Netherlands and Canada; a platform built around two of the world’s largest profit pools in food delivery, the United Kingdom and the Netherlands; ability to deploy capital and resources to strengthen its competitive positions as the combined group determines appropriate; and greater ability to leverage investments, in particular in technology, marketing and restaurant delivery services across the combined business.”

ETM Group opens Westfield site with focus on sport: Gastro-pub operator ETM Group has opened Westwood Pub and Kitchen at Westfield London Following the successes of the ETM sports portfolio, Westwood Pub and Kitchen at Westfield London will bring west London a taste of the ETM premium sports, dining and drinks offering. Featuring a full HD satellite system, high definition screens and a 130” HD video wall, the pub and kitchen will show competitive domestic and international sport throughout the day and night, with the addition of two shuffleboards for interactive entertainment. Westwood Pub and Kitchen at Westfield London, menu will offer everything from breakfast baps, burgers, waffles and granola, through to a dinner menu of pizza-oven pizzas, stacked burgers, pastas, sharing platters and sides. The central bar with six overhanging 500 litre copper beer tanks, dispensing a rotating selection of guest craft beers, takes centre stage of the venue, facilitating an extensive offering of beers, along with wines and cocktails. Ed Martin, co-founder and chief executive of ETM, said: “We’re hugely excited to be bringing Westwood Pub and Kitchen to Westfield. The offering of high-tech screens and video walls will bring friends and family together to enjoy sporting moments, alongside the premium dining and drinks offering. The pub and kitchen is also launching ahead of the Rugby World Cup in September, which will be a really exciting time for us. Our pub, kitchen and sports lounge – and recent winner of National Pub and Bar Awards – Greenwood, proves there’s a huge appetite for experience-led venues that deliver on quality food, drink and sport, so we’re excited to open at Westfield and welcome loyal customers, as well as new faces.”

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