Share buyback programme

PPHE Hotel Group Limited announces the commencement of a share buyback programme in respect of its ordinary shares of nil par value ("Ordinary Shares"), from the date of this announcement (the "Share Buyback Programme").

As set out in the Group's full year results to 31 December 2023, the Group's EPRA NRV per Ordinary Share stands at £26.72 which is a substantial premium to the current share price. In light of the current share price discount relative to the EPRA NRV per Ordinary Share, the Board believes it would be in the best interests of shareholders to return a portion of capital to shareholders by means of the Share Buyback Programme.

The Share Buyback Programme, which is detailed below, is expected to commence immediately.

Details of the Share Buyback Programme

PPHE announces that it has entered into an instruction with Jefferies International Limited and Jefferies GmbH (together, "Jefferies") in relation to the purchase by Jefferies, acting as principal during the period commencing on 10 July 2024 and ending no later than 10 July 2025 or, if earlier, such time that the Company's existing share buyback authorities expire (being the Company's next Annual General Meeting), of up to a maximum of 400,000 Ordinary Shares for an aggregate consideration (excluding expenses) of up to a maximum of £4,000,000 and the simultaneous on-sale of such Ordinary Shares by Jefferies to PPHE, following which they will be held by PPHE in treasury. For the purposes of the Share Buyback Programme, Jefferies will make its trading decisions concerning the timing of the purchases of Ordinary Shares independently of, and uninfluenced by, the Group.

The Share Buyback Programme will be conducted within certain pre-set parameters and the terms of the arrangement with Jefferies, and in accordance with (amongst other things) the general authority to repurchase Ordinary Shares granted by shareholders at the 2024 Annual General Meeting, Chapter 12 of the UK Listing Rules and the provisions of the UK Market Abuse Regulation dealing with buyback programmes.

PPHE will announce any market repurchase of Ordinary Shares no later than 7.30 a.m. on the business day following the calendar day on which the repurchase occurred.

In accordance with the Rule 9 Waiver authority approved by shareholders at the recent AGM, the Concert Party do not intend to participate in the Share Buyback Programme in respect of their shareholdings.