Directorate changes and Update on Strategy (0826A)
26 1월 2011 - 4:00PM
UK Regulatory
TIDMWEST
RNS Number : 0826A
Western & Oriental plc
26 January 2011
26 January 2011
Western & Oriental plc
("the Company")
Directorate changes and Update on Strategy
Board Changes
Further to the announcement on 18 January 2011, Western &
Oriental plc, the luxury and specialist travel group, announces
that at a Board meeting held on 25 January 2011, Pavlos Savvides
was appointed Chairman of the Company with immediate effect.
The Company also announces that Jeremy Goldberg has resigned as
a Director of the Company with effect from 25 January 2011.
The Board are in the process of considering the appointment of
additional Non-Executive Directors and will look to complete this
process by end February 2011.
Strategy Update - Sale of tour operating business
The Board, further to the announcement on 1 December 2010, also
wishes to inform the market of its intentions regarding the
strategy of the Company going forward.
As part of the strategic review initiated by the previous Board,
a number of parties have expressed interest to acquire the tour
operating business of the Company and as a result five offers for
the business have been received.
Having evaluated these offers the board has concluded that it
will proceed with two of the parties, being those who had made the
highest offers and having minimal conditions, subject to a
substantial deposit being received by 31 January 2011 and subject
to completion of the sale by 28 February 2011. The transaction will
result in the Company disposing of the brands and assets relating
to the tour operating business, including forward bookings and
customer monies relating to those bookings.
To ensure that the Company is able to proceed with an
appropriate sale of the business during this period Raj Kumar, a
Director of the Company, has agreed to extend his shareholder loan
until 28 February 2011.
Completion of any transaction that would involve the sale of the
tour operating business will be subject to shareholder approval
which will be sought at a General Meeting.
Further details will be announced in due course.
Enquiries:
Western & Oriental plc
Pavlos Savvides, Chairman 020 7821 4078
Collins Stewart
Adrian Hadden 020 7523 8350
About Western & Oriental plc
Western & Oriental is a specialist luxury travel group with
a number of established high quality brands. The company was
admitted to trading on AIM under the ticker symbol WEST in March
2006. The Group acts as a tour operator, travel agent and
conference and incentive organisers, offering a premium service for
tailor-made and specialist packaged holiday programmes to
destinations worldwide.
For more information on Western & Oriental and its
individual luxury travel brand websites, go to
www.westernorientalplc.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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