HAMILTON, Bermuda, September 12 /PRNewswire-FirstCall/ -- Orient-Express
Hotels Ltd. (NYSE: OEH, http://www.orient-express.com), owners or part-owners
and managers of 51 luxury hotels, restaurants, tourist trains and river
cruise businesses operating in 25 countries, announced today that it plans to
hold a special shareholder meeting on October 10, 2008 to address a
requisition by shareholders DE Shaw and SAC Capital that the Company (1)
amend its bye-laws to treat class B shares as 'treasury shares' under Bermuda
law which would have the consequence (amongst others) that the Class B shares
held by Orient-Express Holdings 1 Ltd would lose their right to vote and (2)
cancel its class B shares.
The Board of Orient-Express Hotels Ltd has serious doubts concerning the
validity of the purported requisition. Nevertheless, in order to avoid a
potentially protracted and expensive dispute, Orient-Express Hotels has
determined to convene a special meeting to vote on the proposals from these
shareholders.
The Board of Directors of Orient-Express Hotels Ltd believes that these
proposals are contrary to the best interests of the Company and will
recommend that shareholders vote against the resolutions.
The Board of Directors of Orient-Express Holdings 1 Ltd., the owner of
all class B common shares of the Company, has adopted a resolution to vote
all of its shares against the proposed resolutions at any special meeting.
The Company's governance and share structure has been clearly described
for the entire investment community since the Company's IPO in 2000.
Accordingly, all investors reading the Company's public filings have had
clear disclosure of the Company's structure readily available to them. The
Company therefore believes this special meeting is an expensive and
unproductive exercise.
The Board of Directors and management of Orient-Express Hotels Ltd are
confident that the Company's strategy as regularly outlined to investors is
the best path to achieve long-term shareholder value. The Company continues
to execute the key components of this plan by managing its portfolio to
increase total revenue; expanding its business both organically and through
strategic acquisitions; further developing its real estate in appropriate
market conditions, and continuing to build its strong brands.
About Orient-Express Hotels
Orient-Express Hotels is a hotel and travel company focused on the luxury
end of the leisure market with many iconic and highly acclaimed properties.
Founded in 1976 when the company acquired the Hotel Cipriani in Venice,
Orient-Express has grown to encompass 51 businesses, including 41 highly
individual hotels across five continents, two restaurants, two river cruise
operations and six tourist trains, including the fabled Venice
Simplon-Orient-Express which operates through Europe, linking London, Paris
and Venice. Orient-Express chooses to own or part-own and manage its
businesses, and continues to seek out unique properties with expansion
potential and to introduce new experiences, restoring romance, glamour and
style to international travel.
Contact:
Pippa Isbell
Vice President, Corporate Communications
Tel: +44-20-7921-4065
E: pippa.isbell@orient-express.com
Kal Goldberg
Financial Dynamics
Tel: +1-212-850-5731
E: kal.goldberg@fd.com
SOURCE Orient Express Hotels Ltd
