Oceanwood: Supported By 42%+ Of NH’s Shareholders

16 June 2016 – Expansión

The investment fund Oceanwood is gaining support in NH in its crusade against the Chinese group HNA – the Spanish hotel chain’s majority shareholder with its 29.5% stake – and now has the backing of more than 42% of the shareholders, who will vote in favour of its proposals at the next General Shareholders’ Meeting scheduled to be held on 21 June.

Specifically, Oceanwood, with its 11% stake, will be supported by high profile shareholders such as Hesperia and Henderson, as well as other institutional investors, according to market sources.

At the Spanish chain’s next General Shareholder’ Meeting, a vote will be taken, at Oceanwood’s petition, regarding the departure of HNA’s four directors, including Charles Mobus – Co-Chairman of NH – due to a possible conflict of interest that has arisen as a result of the Chinese group’s recent purchase of Carlson.

The fund has proposed that Paul Johnson, Fernando Lacadena, María Grecna and José María Cantero de Montes-Jovellar take over from the Chinese directors. NH’s share price fell by 3.37% on the stock exchange yesterday, to €4.16 per share.

Original story: Expansión (by R.Arroyo)

Translation: Carmel Drake