Hayleys and Jetwing Hotels will send in written responses after the long holiday to queries raised by the Securities and Exchange Commission (SEC) with regard to Lighthouse Hotel, according to officials in both companies.
SEC Deputy Director General, Marina Fernando recently wrote to Hayleys asking for a response on whether they are acting in concert or not and whether they have triggered the SEC’s Mandatory Offer code or not with the Jetwing’s recent purchase of a seven percent stake in Lighthouse.
“What the SEC has done is standard procedure, requesting for a response with regard to the recent purchase,” an industry analyst told The Sunday Times FT.
A Hayleys source said that Hayleys Board which was to meet on Wednesday to discuss the SEC’s letter and decide on a response did not convene as some directors wished to meet after the holidays. A Jetwing official said they too will respond after the holidays.
Hayleys and Jetwing have been acting in concert for more than 15 years with regard to Lighthouse Hotel and the two control more than 51% together, analysts said. |
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