Who controls the South Bank Hotel Management Company Ltd?

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Who controls the South Bank Hotel Management Company Ltd?

Post by coalhouse_walker on Wed Sep 13, 2017 11:05 pm

In August 2017 we were notified that Galliard had sold their 44 units in Park Plaza County Hall (the Hotel) to PPHE Hotel Group (PPHE) the owners of Park Plaza Hotels & Resorts (Park Plaza).

As you know, Park Plaza are the hotel operators who have been contracted by our firm, South Bank Hotel Management Company Ltd (SBHMC) to run the Hotel during its first 25 years.

At the same time the Galliards directors and company secretary resigned and stood down from the Board of SBHMC and were replaced by PPHE personnel.

So now the Board of SBHMC comprises of 2 PPHE personnel and one shareholder representative director.

You will already know that SBHMC oversees the fair and proper operation of the Hotel and carries out administrative and financial functions and distributes income to the unitholders each month.

SBHMC will also select who will next operate the Hotel when Park Plaza's existing operator's contract comes to an end.

However, PPHE now have majority control on the Board of SBHMC.

Does it make sense that the operator tenant has control of the Board of the company that is responsible for overseeing the fair operation, equitable occupancy distribution and operator selection of our hotel building?

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Re: Who controls the South Bank Hotel Management Company Ltd?

Post by Steve Desa on Thu Sep 14, 2017 12:22 am

I too am concerned as to how the Hotel will be run with the best interests of its shareholders.
But at the same time I believe that Park Plaza will want to maximise its profits which will eventually benefit its shareholders.
What we the shareholders have to ensure, is that the finances are handled correctly. To this end we have Derek Marley
Director and Shareholder as appointed by us at the AGM to police the running of the Hotel.
There is a proposed EGM to be held in November where we can discuss issues and agree the way forward. It will be an important EGM and most of us Shareholders should attend.


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Re: Who controls the South Bank Hotel Management Company Ltd?

Post by coalhouse_walker on Thu Sep 14, 2017 12:33 am

Steve

I agree with you that Park Plaza will want to maximise its profits, especially as it now owns 44 units.

And Park Plaza control the room allocation system.

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Re: Who controls the South Bank Hotel Management Company Ltd?

Post by coalhouse_walker on Thu Sep 14, 2017 12:36 am

Also, as things stand, Derek Marley would be outvoted by 2-1 on any Board decision that he felt might not be in the majority unitholders best interest.

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Re: Who controls the South Bank Hotel Management Company Ltd?

Post by coalhouse_walker on Thu Nov 02, 2017 9:46 pm

So it’s official; PPHE (Group) wish to take control of our firm, South Bank Hotel Management Company.

Victoria Ebbon states in her rebuttal email today 2nd November 2017:
“We can only take responsibility for the Board if we have control of it”.

As the Board controls the company on the behalf of us, its shareholders, then - if you allow them to - PPHE will take control of SBHMC.

Were this to happen, it would likely be the cheapest acquisition of a prime central London hotel in modern history.

Please do not allow this to happen.

Shareholders, use you vote to keep control and ownership of your firm in your hands.

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Re: Who controls the South Bank Hotel Management Company Ltd?

Post by Ch821 on Tue Nov 07, 2017 3:57 am

we received the AGM notice letter. But it does not include any proxy form.
has anyone received a proxy form? t
or: how / where can we obtain a proxy form if we are unable to attend AGM?
Thanks

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Re: Who controls the South Bank Hotel Management Company Ltd?

Post by coalhouse_walker on Tue Nov 07, 2017 5:07 am

@Ch821
You should have received two GM notice letters.
The second notice, dated 24th October 2017 has additional resolutions (making 8 in total) and includes a Proxy Voting form.
Contact Park Plaza if you haven't received both notices and a voting form.

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