Intercontinental - January, 11th 2019
Item 1: Approve the share consolidation
The Board requests shareholder approval to implement a share consolidation on the basis of 19 new ordinary shares for every 20 existing ordinary shares held. The consolidation is intended to maintain comparability, as far as possible, of the Company’s share price before and after the payment of a special dividend of $2.621 per share. The special dividend is equivalent to 5% of the market capitalisation of the Company as at 14 December 2018.
The Company has implemented a series of share consolidations, returning funds to shareholders in this way in 2012, 2014, 2016 and, most recently, May 2017 when the company returned $400m through a special dividend and share consolidation. High way in 2012, 2014, 2016 and, most recently, May 2017 when the company returned $400m through a special dividend and share consolidation. High returns to shareholders of this kind benefit short term investors, such as the hedge funds, but it is not clear that this is a good strategy for shareholders in general.
InterContinental Hotels Group is a hotel companies. Co.'s hotel brands are InterContinental Hotels & Resorts, Kimpton Hotels & Restaurants, Hualuxe Hotels & Resorts, Hotel Indigo, EVEN Hotels, Crowne Plaza Hotels & Resorts, Holiday Inn, Holiday Inn Express, Staybridge Suites, Holiday Inn Club Vacations, Holiday Inn Resorts, Candlewood Suites, and Avid Hotels. As of Mar 2 2017, Co.'s had total hotels of 5,348 with 4,433 franchised, 907 managed, eight owned and leased hotels, and 1,655 total hotels in the pipeline.
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