Company Announcements – August 2006


International Hotel Investments Plc (IHI) announces that it has entered into a Framework Agreement and other related agreements with each of

i)                    Wyndham Hotel Group International Inc. a company registered in New Jersey, United States of America (WHGI), a subsidiary of Wyndham Hotel Group, a unit of Wyndham Worldwide Corporation, a company listed on the New York Stock Exchange,

ii)                   Corinthia Palace Hotel Company Limited (CPHCL), the majority shareholder in IHI, and

iii)                 CHI Limited, a hotel management company in which IHI currently hold a 20 per cent shareholding.

Under the terms of the Framework Agreement and other agreements being entered into today, and subject to further arrangements being finalized including certain European Union regulatory approvals:

i)                    WHGI is acquiring a 30 per cent shareholding (from CPHCL) in CHI in retrun for cash and a capital injection in CHI to fund further growth;

ii)                   IHI is acquiring the remaining shares of CPHCL in CHI, thereby increasing IHI’s shareholding in CHI to 70 per cent, in return for the issue of 15,000,000 shares in IHI to CPHCL;

iii)                 CHI is entering into licensing arrangements with CPHCL to offer management services in the EMEA region for the Corinthia Brand, and with WHGI to offer management services in the EMEA region for the Wyndham Grand, Wyndham and Ramada Plaza Brands.


At the meeting held on 11th August 2006, the Board of Directors of FIMBank plc approved the half-yearly financial statements for the period from 1st January 2006 to 30th June 2006. The Half-Yearly Report is attached to this Company Announcement pursuant to Listing Rule 9.40.