HALIFAX, NOVA SCOTIA -- (Marketwired) -- 07/04/13 -- Royal Host Inc. (the "Company") (TSX: RYL)(TSX: RYL.DB.C)(TSX: RYL.DB.B)(TSX: RYL.DB.D) announced that it has cancelled the upcoming meetings of holders of its Series B and Series D convertible unsecured subordinated debentures (the "Debentures") that were scheduled to be held on July 5, 2013 to consider certain proposed amendments to the debentures. Although the majority of debentureholders that delivered proxies in respect of the meetings voted in favour of the proposed amendments, the Company did not obtain the required two-thirds approval to pass the proposed amendments to the Debentures.
The Company intends to review various options available to it to address the upcoming maturity of the Debentures, including proposing new amendments to the Debentures and redeeming prior to maturity, or repaying at maturity, the Debentures by issuing common shares of the Company to holders of the Debentures in lieu of paying cash. The Company is presently permitted under the terms of each of the Debentures to redeem the Debentures by issuing common shares in lieu of cash on 30 days' notice to holders of the Debentures.
The Company would like to take this opportunity to thank all those debentureholders that voted in favour of the proposed amendments to the Debentures.
Forward Looking Statements
This press release contains certain forward-looking statements relating, but not limited to, the Company's operations, anticipated financial performance, business prospects and strategies. Forward- looking information typically contains statements with words such as "intend", "believe", "expect", "plan" or other similar terms and expressions suggesting future outcomes. Such forward-looking statements are subject to risks, uncertainties, and other factors, which could cause actual results to differ materially from further results expressed, projected or implied by such forward-looking statements. Such factors include, but are not limited to economic, competitive, and lodging industry conditions. Royal Host disclaims any responsibility to update any such forward-looking statements except as required by law.
About Royal Host Inc.
Royal Host Inc. is a diversified hospitality company that delivers shareholder value through hotel ownership, management and franchising. The Company's hotels are located in four Provinces and Territories across Canada and many operate under internationally recognized brands such as Travelodge®, Super 8®, Holiday Inn®, Hilton®, and Ramada®. The Company also owns and operates the Travelodge Canada franchise business.
Royal Host Inc.
Chief Financial Officer
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