IHG Trading update

[daveh]

Intercontinental Hotels Group Trading update c an be found here:
www.investegate.co.uk/article.aspx?id=2 ... 5421E&fe=1


Highlights


· 5.1% YOY net system size growth, up 4.6% excluding Regent Hotels & Resorts and the UK portfolio deal

· 27k rooms signed, 19k rooms opened (up 70% YOY) strongest Q3 pace for each in 10 years

· Global Q3 comparable RevPAR1 up 1.0%, with Q3 YTD RevPAR up 2.7%

· Roll out of GRS and IHG Concerto now substantially complete

· 150 avid hotels signed into the Americas pipeline, the first property is now open, and last week the brand was launched in Germany

· Regent Hotels & Resorts' first signing since acquisition, and voco on track for >15 signings by year end

· $500m to be returned to shareholders by means of special dividend with share consolidation


Looks to be a decent update, but they are giving me back more of my holding with another special plus consolidation. This will be the 9th special with consolidation since the first in December 2004 and I now own less than 1/3 the number of shares I did then. I probably shouldn't complain as they have done very well since I acquired out of the split from 6 continents. I've always invested the specials in a different share as the yield on IHG is not brilliant.

[Bouleversee]

Same here. I don't really understand why the s.p. dropped after the report.

[daveh]

Details of special announced today:
www.investegate.co.uk/article.aspx?id=2 ... 5127K&fe=1

Special dividend

The proposed amount of the Special Dividend is US$2.621 per Existing Ordinary Share. The corresponding amount in pounds sterling will be announced on Thursday, 17 January 2019, calculated based on the average of the market exchange rates for the three dealing days commencing Monday, 14 January 2019. The Board is proposing to pay the Special Dividend to Shareholders on the Register as at 6.00pm on Friday, 11 January 2019 in pounds sterling and to ADR holders on the ADR register as at 4.00pm (New York time) on Friday, 11 January 2019 (being the close of business on the day before the ADR effective date) in US dollars. The Special Dividend is expected to be paid to Shareholders and to ADR holders on Tuesday, 29 January 2019.

Share consolidation

It is proposed that the payment of the Special Dividend be accompanied by a consolidation of the Company's ordinary share capital. A resolution to effect the Share Consolidation will be proposed at the General Meeting, details of which are set out in the Circular. The Share Consolidation proposes to replace every 20 Existing Ordinary Shares of IHG with 19 New Ordinary Shares.