Hotels

ASX announces removal of Mantra Group as acquisition date nears

Mantra Group shareholders have voted to approve the hotel and resort operator’s sale to Accor.

The Australian Financial Review (AFR) reports 96 percent of shareholders approved the arrangement deal struck at $3.96 per share.

It comes as S&P Dow Jones announced in a statement on ASX indicating it will remove Mantra Group Limited from the S&P/ASX 200, subject to the final court approval of the scheme.

The group will be removed effectively at open of trading on May 24, 2018.

After this, Mantra shares will no longer trade on the ASX.

According to AFR, the acquisition will create a local hotel giant with around 15 per cent of the local market, including 370 hotels and 53,000 rooms.

Mantra recently released its half-yearly results, which revealed the group’s revenue was up by $10m.

Accor officially takes control of Mantra Group on May 23.

The Group saw record revenue and massive increases in room bookings, with an increase in revenue of $10.1m and 1.97m rooms sold.

Revenue grew to $366.2m, an increase of 2.8 per cent, mainly due to growth in domestic and international travel, as well as record RevPAR (Revenue Per Available Room) of $145.07.

The number of rooms sold in the first half of the financial year was the highest ever for the period, and the Group increased available rooms by 2.6 per cent.

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