Gresham Hotel Group plc (“Gresham”)
The Panel has considered a request from Gresham to investigate whether Red Sea Hotels Limited (“Red Sea”) and Mr. Ian Ilsley are acting in concert in relation to their respective shareholdings in Gresham. Gresham had expressed the view to the Panel that Red Sea may be acting in concert with Mr. Ilsley
Red Sea and Mr. Ilsley hold Gresham shares representing approximately 28.2% and 4.2% respectively of the total voting rights in Gresham.
The Panel has carefully considered the submissions from the relevant parties and notwithstanding these submissions, no factual information has been provided to the Panel which may justify a Panel hearing on this matter or support the contention that Red Sea and Mr. Ilsley are acting in concert. Accordingly, on the basis of the information currently available to it, the Panel has ruled that Red Sea and Mr. Ilsley are not acting in concert in relation to their respective shareholdings in Gresham.