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Tuesday, 7 December 2010

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Reefcomber PLC Rights Issue oversubscribed

Hotel Reefcomber PLC announced a Rights Issue backed by warrants exercisable in 2011, 2012 and 2015.

The Issue and the mode in which it was offered to shareholders, have been viewed by industry analysts as a strong indication of the strategic intent of the Company.

The Issue was oversubscribed with shareholders subscribing for an additional 7.9 million shares, an oversubscription of 6 times for additional shares.

The Rights Issue complements the aggressive expansion plans for Hotel Reefcomber PLC and follows on the heels of the Company’s strategic purchase of a seven-acre property with a picturesque, almost one kilometre of beach in the tourism hub of Waskaduwa, Kalutara North.

The Company intends to commence the construction of a four star, 150 roomed resort in early 2011, whilst plans are also underway to undertake a complete renovation of its existing property in Hikkaduwa.

In the medium term the Company will follow a strategy of expansion with focus on acquisition of property along the beautiful coastline of Sri Lanka, thereby enhancing its resort portfolio.

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