Carson Cumberbatch PLC, the dominant shareholder of Pegasaus Hotels of Ceylon PLC has diluted its holding in that company by slightly under a million shares to increase its public float to 10.01% enabling Pegasus to trade on the Diri Savi Board of the CSE in accordance with rules of the Stock Exchange.
Carsons Management Service (Pvt) Ltd has said in the June financials of this year that the CSE rules required listed companies traded on the main board of the Stock Exchange to have a minimum public float of 20% of the company in the hands of 750 public shareholders or a 10% public float amounting to Rs. 5 billion in the hands of 500 public shareholders by the end of this year.
Pegasus fell behind in both criteria and in having evaluated all possible options available, including discussion with the major shareholder with regard to being compliant with minimum public float rules, the Pegasus directors in consultation with Carson Cumberbatch decided to transfer the company to Diri Savi Board of the CSE as the threshold for listing there is 10% of the company in the hands of 200 public shareholders.
"Accordingly the major shareholder, Carson Cumberbatch PLC has diluted their holdings by 943,473 shares thus increasing the public float of the company to 10.01% from 6.9%," the managers said and the company has gone on Diri Sari board with the approval of the CSE.
Pegasus achieved an occupancy of 42 % in the first quarter of the current financial year against 39% a year earlier. Despite this slight improvement in occupancy, room revenue has fallen 3% year-on-year due to competitive room rates maintained, the June financials reported.
The first quarter had seen food and beverage revenue up 2% from a year earlier. The company’s first quarter revenue at Rs. 94.9 million was down a marginal 0.2% against the first quarter of the previous year.
Pegasus settled its total borrowings during the last financial year enabling zero finance cost in the first quarter having a positive impact on the earnings, the managers said.
The year-on-year drop in revenue had pushed down the net profit for the first quarter to Rs. 23.9 million from Rs. 25.1 million a year earlier, they reported.
Pegasus has opened a sea food restaurant at the hotel launched last August investing Rs. 34 million from operational cash flows.
Other than Carsons, all shareholders of Pegasus individually own less than 1% of the company.
www.island.lk
Pegasus fell behind in both criteria and in having evaluated all possible options available, including discussion with the major shareholder with regard to being compliant with minimum public float rules, the Pegasus directors in consultation with Carson Cumberbatch decided to transfer the company to Diri Savi Board of the CSE as the threshold for listing there is 10% of the company in the hands of 200 public shareholders.
"Accordingly the major shareholder, Carson Cumberbatch PLC has diluted their holdings by 943,473 shares thus increasing the public float of the company to 10.01% from 6.9%," the managers said and the company has gone on Diri Sari board with the approval of the CSE.
Pegasus achieved an occupancy of 42 % in the first quarter of the current financial year against 39% a year earlier. Despite this slight improvement in occupancy, room revenue has fallen 3% year-on-year due to competitive room rates maintained, the June financials reported.
The first quarter had seen food and beverage revenue up 2% from a year earlier. The company’s first quarter revenue at Rs. 94.9 million was down a marginal 0.2% against the first quarter of the previous year.
Pegasus settled its total borrowings during the last financial year enabling zero finance cost in the first quarter having a positive impact on the earnings, the managers said.
The year-on-year drop in revenue had pushed down the net profit for the first quarter to Rs. 23.9 million from Rs. 25.1 million a year earlier, they reported.
Pegasus has opened a sea food restaurant at the hotel launched last August investing Rs. 34 million from operational cash flows.
Other than Carsons, all shareholders of Pegasus individually own less than 1% of the company.
www.island.lk
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