AIM - Schedule1-Japan Leisure Hotel

Fri Dec 28, 2007 4:53am EST

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RNS Number:7318K
AIM
28 December 2007




 ANNOUNCEMENT TO BE MADE BY THE AIM APPLICANT PRIOR TO ADMISSION IN ACCORDANCE WITH RULE 2 OF THE AIM RULES FOR
                                             COMPANIES ("AIM RULES")

COMPANY NAME:

Japan Leisure Hotels Limited


COMPANY REGISTERED OFFICE ADDRESS AND IF DIFFERENT, COMPANY TRADING ADDRESS (INCLUDING POSTCODES) :

Polygon Hall
P.O.Box 225
Le Marchant Street
St Peter Port
Guernsey GY1 4HY


COUNTRY OF INCORPORATION:

Guernsey


COMPANY WEBSITE ADDRESS CONTAINING ALL INFORMATION REQUIRED BY AIM RULE 26:

TBA


COMPANY BUSINESS (INCLUDING MAIN COUNTRY OF OPERATION) OR, IN THE CASE OF AN INVESTING COMPANY, DETAILS OF ITS
INVESTING STRATEGY).  IF THE ADMISSION IS SOUGHT AS A RESULT OF A REVERSE TAKE-OVER UNDER RULE 14, THIS SHOULD BE
STATED:

Japan Leisure Hotels Limited is a newly incorporated, Guernsey registered, closed-ended investment company, which
has been established to take advantage of the opportunity to invest in the Japanese leisure hotel sector. On
Admission, the Company will complete the acquisition of an interest in a portfolio of five hotels for a
consideration of £19 million, payable by way of the issue of 38 million new Ordinary Shares. All of these hotels
are currently operating as leisure hotels under the 'Bonita' brand and are generating attractive returns. These
hotels, which are managed by New Perspective, have been valued by Colliers at approximately £21 million as at 30
November 2007.

The Company's investment objective is to provide Shareholders with an attractive absolute return, generating a
stable and growing income stream once fully invested whilst also benefiting from an asset backed investment in an
improving real estate environment.

New Perspective, the company appointed to manage the portfolio in Japan, will actively seek to acquire existing
leisure hotel properties in Japan, which may then be refurbished and re-branded. The investment opportunities
that New Perspective will pursue will typically be properties located in and around large population centres in
Japan. Conditions within the leisure hotel sector in Japan have created the opportunity to buy distressed or
underperforming leisure hotels. This strategy has been employed by New Perspective for most of the assets within
the Existing Portfolio.

The Company will be a passive investor. The Company's investments will be made solely in leisure hotel assets in
Japan however the Company will seek to invest in a broad range of assets within this class. To the extent the
Company has not made an investment in accordance with its investment strategy by 31 December 2009, the Company
will return the net remaining Placing proceeds to Shareholders.


DETAILS OF SECURITIES TO BE ADMITTED INCLUDING ANY RESTRICTIONS AS TO TRANSFER OF THE SECURITIES (i.e. where
known, number and type of shares, nominal value and issue price to which it seeks admission and the number and
type to be held as treasury shares):

6,100,000 ordinary shares of 1 penny each at the Placing Price of 50 pence each


CAPITAL TO BE RAISED ON ADMISSION (IF APPLICABLE) AND ANTICIPATED MARKET CAPITALISATION ON ADMISSION:

£3,050,000 before expenses

Expected market capitalisation of £22.05 million at the Placing Price

PERCENTAGE OF AIM SECURITIES NOT IN PUBLIC HANDS AT ADMISSION:

88.6 per cent.


DETAILS OF ANY OTHER EXCHANGE OR TRADING PLATFORM TO WHICH THE AIM SECURITIES (OR OTHER SECURITIES OF THE
COMPANY) ARE OR WILL BE ADMITTED OR TRADED:

N/A


FULL NAMES AND FUNCTIONS OF DIRECTORS AND PROPOSED DIRECTORS (underlining the first name by which each is known
or including any other name by which each is known):

Alan Henry Clifton, Non-Executive Chairman
William Craig Hunter, Non-Executive Director
Sarah Evans, Non-Executive Director
Mark Naylor Huntley, Non-Executive Director


FULL NAMES AND HOLDINGS OF SIGNIFICANT SHAREHOLDERS EXPRESSED AS A PERCENTAGE OF THE ISSUED SHARE CAPITAL, BEFORE
AND AFTER ADMISSION (underlining the first name by which each is known or including any other name by which each
is known):


BEFORE ADMISSION

Heritage Nominees 1 Limited
Heritage Nominees 2 Limited


AFTER ADMISSION

Japan Leisure Investments LLC (% TBA)
DKR Soundshore Oasis Holding Fund Ltd (% TBA)

NAMES OF ALL PERSONS TO BE DISCLOSED IN ACCORDANCE WITH SCHEDULE 2, PARAGRAPH (H) OF THE AIM RULES:

None
     
(i)  ANTICIPATED ACCOUNTING REFERENCE DATE
(ii) DATE TO WHICH THE MAIN FINANCIAL INFORMATION IN THE ADMISSION DOCUMENT HAS BEEN PREPARED
(iii)DATES BY WHICH IT MUST PUBLISH ITS FIRST THREE REPORTS PURSUANT TO AIM RULES 18 AND 19:
(i)  31 December
(ii) 30 June 2007
(iii)Accounts by 30 June 2008 for the period ended 31 December 2007; Half yearly report by 30
     September 2008 for the period ended 30 June 2008; and full year accounts by 30 June 2009 for the period ended 31
     December 2008.


EXPECTED ADMISSION DATE:

Mid January 2008


NAME AND ADDRESS OF NOMINATED ADVISER:

Shore Capital and Corporate Ltd
Bond Street House
14 Clifford Street
London W1S 4JU


NAME AND ADDRESS OF BROKER:

Shore Capital Stockbrokers Limited
The Atlantic Suite
Ground Floor, The Corn Exchange
Fenwick Street
Liverpool L2 7RB

OTHER THAN IN THE CASE OF A QUOTED APPLICANT, DETAILS OF WHERE (POSTAL OR INTERNET ADDRESS) THE ADMISSION
DOCUMENT WILL BE AVAILABLE FROM, WITH A STATEMENT THAT THIS WILL CONTAIN FULL DETAILS ABOUT THE APPLICANT AND THE
ADMISSION OF ITS SECURITIES:

Ashurst
Broadwalk House
5 Appold Street
London EC2A 2HA


DATE OF NOTIFICATION:

28 December 2007


NEW/ UPDATE:

NEW



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