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THO Thistle Hotels

0.00
0.00 (0.00%)
Share Name Share Symbol Market Type Share ISIN Share Description
Thistle Hotels LSE:THO London Ordinary Share GB0006075203 ORD 25 13/20P
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.00% 0.00 -
Bid Price Offer Price High Price Low Price Open Price
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
  -
Last Trade Time Trade Type Trade Size Trade Price Currency
- 0 GBX

Thistle Hotels (THO) Latest News

Real-Time news about Thistle Hotels (London Stock Exchange): 0 recent articles

Thistle Hotels (THO) Discussions and Chat

Thistle Hotels Forums and Chat

Date Time Title Posts
12/6/200312:48Thistle Hotels Sale214
02/1/200314:19Thistle Hotel- Moves up on rumours of Possible Bid-
15/8/200116:58One to watch.32
27/6/200116:04ANYTHING HAPPENING HERE?12

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Thistle Hotels (THO) Top Chat Posts

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Posted at 29/4/2003 07:42 by singaporetho
ghill:
Agreed we need to sell and put new life into THO it's dead////////////////////////////////////////
Posted at 15/4/2003 17:21 by oldtown
Tg100, all the news you find abot THO seems to be doom and gloom.
Try this to even things up a bit!


THISTLE HOTELS PLC ("THISTLE")
THISTLE SHAREHOLDERS SUPPORT THE REJECTION OF BIL INTERNATIONAL
LIMITED'S ("BIL") OFFER


The Board of Thistle* announces that shareholders representing more than 39 per
cent. of Thistle's entire issued share capital, and more than 72 per cent. of
the issued share capital not owned by BIL, have confirmed to Thistle that they
do not intend to accept BIL's offer of 115 pence per Thistle Share.


David Newbigging, Chairman of Thistle commented:


"We are delighted to have received such a significant level of support from
shareholders. This strongly reinforces our view that BIL's wholly inadequate
offer significantly undervalues the Company."
Posted at 15/4/2003 16:43 by ttg100
15 April 2003

Thistle offers investors cash to shun BIL, talks ongoing

Thistle Hotels says it will return 50p a share, or around £241m, to investors if they reject a £555m hostile bid from major stakeholder BIL International.
In its first defence document, published yesterday, Thistle describes BIL's 115p a share offer as 'wholly inadequate' and maintains the Singaporean investment company is trying to buy the company 'on the cheap at a low point in the cycle'.
Thistle argues that once its £367m cash pile has been stripped out, the offer prices its hotels at a 70% discount to net asset valuation.
But BIL, which currently holds a 45.8% stake in Thistle, claims hotel asset values have declined as the industry suffers from the effects of the economic downturn and the Iraq war.
In a statement it said: 'Geopolitical risk and global economic uncertainty are greater now than in the early 1990s and any recovery could take even longer...And we don't believe Thistle is currently positioned to derive the full benefit from any upturn.'
However, Thistle chief executive, Ian Burke, insists property values, particularly in London, have held firm. He adds that the group has 'received approaches from a number parties regarding potential alternative transactions, including possible competing offers for the company and the disposal of certain hotels assets'.
Thistle has recently tried to sell a package of six hotels, including the five-star Royal Horseguards and the Thistle Tower, to date without success.
The hotel group's shares, down from 150p a year ago, rallied 2p to 118.5p Monday.


>>oldtown - never do either - trade these(at moment no position) but post
any info on here i find fwiw to others
Posted at 15/4/2003 12:11 by qbatqbat
By the desperate measures BIL are going to to try and get this through (re: News, laughably trying to convice people Thistle is in such a bad situation yet determined to buy it out) can we assume they have no chance of succeeding at the price they are offering?
Posted at 14/4/2003 20:35 by bukko
Q1. Given BIL's low opinion of Thistle and its trading outlook and long list of gloomy reasons why the shareholders should accept their offer. Why on earth do they wish to buy it?

Q2. Why is their share of Thistle NAV valued so high in BIL's OWN ACCOUNTS?

Q3. Why are they refusing to consider a sale even if at much higher level than their offer or disposals which would give a higher return to everyone.

Draw your own conclusions, I think they are just GB's
Posted at 16/1/2003 11:11 by ainsoph
just cashed my twt trading shares for average 65% gain over two weeks .....duh


'They lost 4.8 percent last year, when the FTSE All-Share Leisure & Hotels Index fell 24 percent' duh

you really have no idea what you are saying matthewa - just open your mouth and let the gargage spill out ........ duh


ains


01/16 09:12
Thistle Says Full-Year Profit to Decline in Line With Forecasts
By Candace Carpenter


London, Jan. 16 (Bloomberg) -- Thistle Hotels Plc, whose 22 London properties include one overlooking Tower Bridge, said full- year profit will probably decline in line with forecasts following a slump in international business travel.

The consensus estimate for pretax profit is about 33 million pounds ($53 million), Chief Executive Officer Ian Burke said in an interview. That compares with 49 million pounds a year ago. The company said it will release the figures on March 3.

Thistle reported an increase in revenue per room, a measure of profitability, in the second half from a year ago, when it had declines of as much as 25 percent after Sept. 11. The hotelier and rivals with pricier rooms in big cities may suffer more if economies don't improve and if war breaks out with Iraq, analysts said.

``It's very difficult to forecast the outlook for 2003,'' Burke said. ``People know the whole travel sector, including hotels, is sensitive to any adverse political event.''

Shares of the operator of 56 U.K. hotels were indicated down 1.5 pence, or 1.4 percent, at 108p. They lost 4.8 percent last year, when the FTSE All-Share Leisure & Hotels Index fell 24 percent.

Second-half revenue per room, reflecting occupancy levels and average room rates, rose 2.7 percent at the 18 owned and leased hotels, Thistle said. For 2002, that measure fell 5.6 percent at all Thistle properties, including 38 run under management contracts.

The company filled more rooms at its owned hotels, which are mostly in London, though at a discount as it targeted more tourists amid a slowdown in business travel. The average rate for 2002 was 74.56 pounds ($120), down 10 percent.

Thistle was subject to a takeover pursuit in November by Orb Estates Plc, a U.K. real-estate company. Last week, Orb said it won't make a formal offer.

Analysts have said Quek Leng Chan, chairman of BIL International Ltd., which owns 46 percent of Thistle, may want to sell the company's stake or link with a rival such as Millennium & Copthorne Plc, controlled by his cousin, to cut debt.

Burke declined to say whether any other corporate transactions may lie ahead.
Posted at 11/11/2002 15:40 by ainsoph
Thistle in buyout talks

London, 11/11/2002, (venturedome.com)




UK - Chief executive Ian Burke is reported to be discussing a possible management buyout of Thistle Hotels with the company's adviser, Merrill Lynch.


Sources say Burke is also in talks with a number of institutions about a sale and leaseback of some of Thistle's properties, to increase the share price and raise money for acquisitions.

Last week, Jersey-based Orb Estates said it was considering an offer for Thistle at a 'modest premium' to its 131.5p share price, which values the company at £633m.

Orb, which bought 31 of Thistle's regional hotels and six London hotels in March, is thought to be seeking a deal with Singapore's BIL International, which holds a 46% stake.

Any deal with Orb would be complicated by an ongoing legal wrangle. Thistle has served a writ relating to the original disposal, while Orb is counter-claiming that Thistle owes it £50m from the £600m it spent on the hotels.

Thistle's hotels saw revenues tumble 13.6% in the first half of this year, but with a £364m cash pile from the earlier sale, it is not in a rush to strike a deal.




© Copyright venturedome.com 2002
Posted at 11/11/2002 00:17 by ainsoph
Still holding and waiting on someone to sort them out - NAV way above current cap and shareholder discounts make risk/reward well worth while

ains


Shake-up planned at bid target Thistle
Hotel chain reviews property valuations and considers further disposals.
By Heather Tomlinson

10 November 2002

Takeover target Thistle Hotels is thought to be weighing up a range of buyout or disposal options and discussing a big writedown of its assets.

Sources said Thistle is considering taking up to £90m off the £1bn value of its hotels, though it may ultimately settle on a lower figure. It is consulting its advisers and is expected to raise the issue with its auditor, PricewaterhouseCoopers.

It is also understood that chief executive Ian Burke has been tentatively exploring the possibility of a management buyout of the hotel chain and has discussed the idea with Thistle's financial adviser, Merrill Lynch.

Sources have said Mr Burke is also in talks with various institutions over a sale and leaseback of some of Thistle's property, in an effort to increase the company's share price and raise money for potential acquisitions.

The moves emerged after Jersey-based company Orb Estates confirmed last week that it was considering making an offer at a "modest premium" to Thistle's current share price. On Friday the shares closed at 131.5p, valuing the company at £633m. Orb has not yet had formal talks with Thistle's board of directors.

The bid is most likely to occur through a deal with Singapore-quoted BIL International, which owns 46 per cent of the UK hotel chain. Orb, which bought 31 of Thistle's regional hotels and six London hotels in March, is understood to have approached Deutsche Asset Management to back a potential bid. Orb awarded Thistle a 30-year management contract for the hotels it acquired.

Sources have said Deutsche will do a deal if the bid is recommended by the Thistle board. That, however, is unlikely, given that Thistle served a writ on Orb last week in a dispute relating to the original disposal. Orb says it plans to counter claim, alleging it is owed £50m back from the £600m it spent on the hotels.

Thistle's asset valuations have come under scrutiny since rival hotel groups, such as Hanover International, admitted they were reviewing the valuation of their properties. Thistle is experiencing "uncertain" conditions and the hotels it owns suffered a fall in revenues of 13.6 per cent in the first half of the year. But it has £364m in cash from the disposals to Orb and therefore has flexibility in its options.

A company spokesman would not comment on the possibility of a management buyout or further disposals. But he added: "Thistle Hotels reviews the carrying value of assets at the end of each financial year – December. The process has not commenced yet, so it is much too early to say what the result will be."

Orb declined to comment. The company hit the spotlight when it made a bid for Izodia, a failed software company that turned into a cash shell, last month.
Posted at 05/11/2002 07:55 by ainsoph
Jersey fund eyes Thistle Hotels
By Carolyn Batt (Filed: 05/11/2002)


Jersey-based investment company Orb Estates said yesterday it was considering a bid for Thistle Hotels "at a modest premium" to the current share price.

The property investment company said the acquisition of London's largest hotel operator was one of "various strategic options" under review, but added that it had not entered formal talks with the Thistle board.

Thistle shares rose 6 to 135.5p, building on Friday's gains. KBC Peel Hunt analyst Peter Joseph said: "Orb has said that any bid would only be at a small premium to the current price. We believe that Thistle is worth considerably more and see Orb's renewed interest as a catalyst for this value to be realised."

He suggested the shares could be worth over 200p. BIL International, Thistle's largest shareholder with a 46pc interest, yesterday issued a statement saying it had not held talks with Orb over the sale of its stake.

However, it is understood Orb is negotiating with Camerlin, a Malaysian company headed by Quek Leng Chan, to acquire its 22pc share of BIL. Mr Chan has one of BIL's two seats on the Thistle board.

"Orb could just go for control of Thistle, or it could launch a full bid," said one analyst. "Today's statement gives them the maximum amount of wriggle room and the minimum amount of commitment."

Thistle said it was aware a major stakeholder in BIL had held talks to sell its interest, but declined to comment. Orb earlier this year bought 37 hotels from Thistle in a £600m sale and leaseback deal.
Posted at 05/11/2002 07:46 by ainsoph
Times - SHARES in Thistle Hotels trade far below their asset value so it was surely only a matter of time before the group attracted bid interest. Moreover, Thistle's attractions to a predator are enhanced by the fact that more than a third of its assets - about 75p a share - are in hard cash made when the company sold and leased back its regional hotels earlier in the year.

At first glance Orb, the Jersey property company, looks well placed to do the bidding. Orb bought the £600 million of regional hotels sold by Thistle earlier in the year so has prior knowledge of the company. In addition Orb appears to have held discussions with Quek Leng Chan, the Malaysian who sits on the Thistle board and controls BIL, the investment company that owns 46 per cent of Thistle.

But there is little love lost between Thistle and Orb. The two are taking legal proceedings against each other in the wake of its £600 million purchase of the regional hotels. In suggesting it may be prepared to pay a "modest premium" to the current share price Orb is not likely to make any friends at Thistle. A modest premium to the current 135p share price is still likely to equate to a hefty discount to Thistle's net asset value of about 200p.

There should be positive repercussions for Thistle shareholders, however. Orb's move may flush out interest from a bidder with more chance of concluding a deal on friendly terms. Occupancy rates are low but a bid at a price much more adjacent to net asset value could come, especially as Orb paid a price nearer to net asset value when it did the earlier deal with Thistle. It may also prompt Thistle to return cash to shareholders. Hold.

tempus@thetimes.co.uk
Thistle Hotels share price data is direct from the London Stock Exchange

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