INTOSOL Holdings Plc - Company Update
London, September 25
INTOSOL Holdings Plc ('INTOSOL' or the 'Company')
Appointment of Advisor, Common Share Subscription and Market Making
INTOSOL Holdings Plc, the award-winning international luxury travel company, is pleased to announce the appointment of CIC Capital Ltd ('CIC Capital') as Strategic Advisor to initiate a number of corporate actions as the Company looks to build its business and execute its strategy, which combines highly personalised travel design with hotel property ownership and management. CIC Capital will undertake to:
(i) provide advisory services and documentation to obtain a FCA certificate of passport approval to change the Company's reporting regulator under Articles 17 and 18 of the Prospectus Directive 2O03l71lEC from Financial Conduct Authority UK to Commission de Surveillance du Secteur Financier (CSSF) Luxembourg. The Company management and offices are in main-land Europe. The founder and Chairman principal language is German. Therefore long-term the Board believe it best suited that CSSF (Luxembourg) is to be the regulator of the Company's obligation under the EU Prospective Directive. INTOSOL remains dual listed on the Standard List of the London Stock Exchange and the Frankfurt Stock Exchange ('FSE') and subject to their reporting requirements;
(ii) facilitate a new offering document and appoint an EU leading market maker to subscribe for £1,200,000 common shares off-market (not purchased from stock market, but new ordinary shares issued by the Company) in INTOSOL and facilitate the share distribution on the stock exchanges the Company's shares trade on, to increase share distribution. A market maker or liquidity provider is a company that quotes both a buy and a sell price in a financial instrument or commodity. The cash received by the subscription will be used by the Company to undertake its business plans;
(iii) market INTOSOL to CIC Capital's sophisticated shareholder base to facilitate the purchase on market (purchased from the markets) of £1,500,000 worth of common shares in INTOSOL; and
(iv) in the near future, establish a Luxembourg Securitisation vehicle compartment, through CIC Fund Securitisation SA, to position the Company to raise capital without shareholder dilution, to complete property acquisitions to expand its boutique hotel and luxury villa focussed SOUL Private Collection (www.soulprivatecollection.com). Securitisation of illiquid assets like property can be used to raise capital. This is part of the Company's long-term strategy of having both a high value property business and luxury hotel business thus increasing operating margins and building asset value.
A General Meeting is to be held on October 4, 2019 at Avenir Registrars 5 St John's Lane, London EC1M 4BH. The meeting circular and proxy voting form are available on the Company's web site: www.intosolholdingsplc.com.
The Board believes that the above actions will enable the Company to implement its growth strategy and build long term value for shareholders and garner support from both European and UK investors. It remains committed to the Company's London listing and looks forward to working with its wider advisory team to execute its business model.
INTOSOL Executive Chairman, Rainer Spekowius, said:"We are delighted to welcome CIC Capital to the team as we look to execute our growth strategy, build out our boutique property portfolio and broaden the Company's shareholder base. They have agreed to support us through a number of corporate actions and investment initiatives which we believe will allow us to execute our strategy and importantly, the effect of a market maker and sophisticated investor syndicate, should provide for an increase in the Company's free float, facilitating improved liquidity in tradable common shares. Furthermore, the above market making strategy is aimed at boosting our share trading and distribution volumes whilst maintaining an orderly market. Our business continues to improve, and I look forward to updating the market on developments in due course."
For further information on INTOSOL visit the Company's website www.intosolholdingsplc.com or contact:
|INTOSOL Holdings Plc||Tel: +44 (0) 20 7236 1177|
|Hybridan LLP||Tel: +44 (0)203 764 2341|
|Juliet Earl / Gaby Jenner|
|St Brides Partners Ltd||Tel: +44 (0) 20 7236 1177|
INTOSOL Holdings PLC is a London-listed international luxury travel company that combines highly personalised travel design with property ownership and management to provide high-end global travel experiences. To improve margins, it is building its SOUL Private Collection of leased and owned boutique properties, and is in the process of purchasing and developing a number of sites in South Africa including Oceans Wilderness, a luxury nine-bedroom boutique hotel in the Garden Route, and a commercial safari lodge in the renowned Leadwood Big Game Estate, one of the premier locations to see the so-called Big Five on safari (lion, leopard, rhinoceros, elephant and Cape buffalo).
The SOUL Private Collection
INTOSOL's SOUL Private Collection includes two properties in Cape Town, South Africa: SOUL on Llandudno (www.soulonllandudno.co.za) and Penthouse on Beach (www.penthouseonbeach.co.za).
The flagship property in the portfolio, Oceans Wilderness (www.oceanswilderness.co.za), which reported a strong maiden financial performance in its first year of operation, is located on the Garden Route along with SOUL Rainbow's End and SOUL on the Heads. The Company also owns a site to build the Leadwood Safari Lodge in the Leadwood Big Game Estate (www.leadwood.net), one of the premier locations globally to see the Big Five in the wild.
INTOSOL Private Travel Design
The Private Travel Design division tailors bespoke and unique experiences to a high-end client base which currently stands at over 15,000. The division has a unique and growing network of over 3,500 hotel and agency partners worldwide.