LANGHAM-SS: Payment of hotel management fees and licensing fees
LANGHAM-SS announced that as of December 31, 2024, it needs to pay approximately HKD 62.3 million in hotel management fees, of which HKD 29.563 million has been paid. The fees will be partially paid in cash amounting to HKD 5.986 million, and partially through the issuance of 56.9154 million new share units at HKD 0.470 per unit. The cash payment will be completed by February 28, 2025, and the subsequent share units will be settled in batches to comply with listing rules
According to the announcement from LANGHAM-SS (01270), as of December 31, 2024, the total management fees payable to the hotel manager are approximately HKD 62.3 million, of which about HKD 29.563 million has been paid for the first half of 2024. Due to the limit on the issuance of share consolidation units, the board announced that for the six-month period ending December 31, 2024, the management fees payable to the hotel manager will be partially paid in cash amounting to approximately HKD 5.986 million, and partially by issuing 56.9154 million new share consolidation units at HKD 0.470 per share consolidation unit, subject to special authorization and deferred mechanism.
The cash payment of the management fees will be made on February 28, 2025. The management fees for the second half of 2024 will be settled in batches to comply with the public float requirements in the listing rules. To comply with the public float requirements in the listing rules, on the payment due date, only 10.5945 million share consolidation units will be allotted and issued to LHIL Assets.
According to publicly available information and to the knowledge of the board, following the issuance of the first batch of share consolidation units, further allotment and issuance of share consolidation units to LHIL Assets would violate the public float requirements in the listing rules. Therefore, according to the supplementary agreement, the deferred mechanism will be triggered, and the remaining 46.3209 million share consolidation units (approximately HKD 21.771 million) will be deemed completed on the payment due date, with the deferred share consolidation units to be allotted and issued in one go or in batches on any business day within three years from the payment due date, provided that the public float requirements must be met on the relevant dates of the allotment and issuance of such share consolidation units
