February 28, 2011 the Aitken Spence Hotel PLC announced to Colombo Stock Exchange to buy other remaining shares of Browns Beach Hotel PLC.

The company further says that Aitken Spence Hotel PLC acquired 33.2% [14,343,737] of the issued ordinary shares of the Browns Beach Hotel PLC consequent to taking up the short fall of the shares under the rights issue of Browns Beach Hotel PLC which was issued at Rs.65.00 each.

As per the takeover and merger code Aitken Spence Hotel PLC make an offer to the other shareholders of the Browns Beach Hotel PLC to Purchase their shares after the share split of one share into 3 shares at the price of Rs.21.70 per share.

Source: http://www.cse.lk/cmt/uploadAnnounceFiles/9571298895381_521.pdf

http://synergyy.com/2011/03/browns-beach-hotels-plc-rights-listed-on-cse/

http://www.cse.lk/companiesprofile/announcments.htm?id=128&symbol=BBH.N0000

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