ICAMAP Investments S.ar.l

29 April 2020

THE FOLLOWING ANNOUNCEMENT IS BEING MADE PURSUANT TO THE REQUIREMENTS OF RULE 19.6(B) OF THE CITY CODE ON TAKEOVERS AND MERGERS (THE "CODE"), WHICH, INTER ALIA, SAVE WITH THE CONSENT OF THE PANEL ON TAKEOVERS AND MERGERS, REQUIRES A PARTY TO AN OFFER TO PROMPTLY MAKE AN ANNOUNCEMENT SHOULD IT DECIDE TO TAKE A COURSE OF ACTION DIFFERENT FROM ITS STATED INTENTIONS DURING THE PERIOD OF 12 MONTHS FROM THE END OF THE OFFER PERIOD EXPLAINING ITS REASONS FOR SO DOING.

29 April 2020

Citrus Holdco Limited ("Citrus"),

a company owned by a consortium of (i) Cadim Fonds Inc, part of Ivanhoé Cambridge and (ii) ICAMAP Investment S.á r.l.

Changes to stated post-offer intentions regarding easyHotel plc ("easyHotel")

Citrus announces that, as foreshadowed by easyHotel in its update dated 25 March 2020 on the actions taken by easyHotel in response to COVID-19 (the "COVID-19 Update"), Citrus has decided to take certain courses of action that differ in certain limited respects from one of the statements of intent it made pursuant to Rules 2.7(c)(iv) and 24.2 of the Code (the "Stated Intentions") in connection with the recommended offer announced by Citrus on 5 August 2019 (the "Offer") and as set out in the offer document published on 19 August 2019 (the "Offer Document").

The variation to the relevant Stated Intention, as set out below, stems from the unprecedented challenges resulting from the COVID-19 pandemic and the government prescribed action that easyHotel has been required to take in closing its hotels, as described in the COVID-19 Update.  As part of the actions easyHotel is taking to protect the cash flows within the business and following a review of the support mechanisms for businesses provided by the UK Government's Job Retention Scheme and similar schemes in France and Spain, certain of its employees have been placed within the job protection schemes that apply in the countries where easyHotel operates.  Other employees are continuing to work where they can.  Some of the employees who are being placed within job protection schemes or who are continuing to work, will do so on terms that will not or may not result in them being topped up such that they will continue to receive 100% of their current remuneration.  However, certain categories of employees are being topped up by easyHotel, including those who would otherwise receive less than the minimum wage.  It remains Citrus's expectation that once easyHotel is able to reopen its hotels for business, its employees will return to work on their current terms and conditions.

Otherwise there has been no change to the Stated Intentions set out in the Offer Document. 

Except as otherwise defined in this announcement, capitalised terms used but not defined in this announcement have the same meanings as given to them in the Offer Document.