PRIVATE PLACEMENT IN CAPITAL HOTELS PLC OF 1,611,995,510 ORDINARY SHARES OF 50 KOBO EACH AT N7.00 PER SHARE

The proposed transaction involves the issuance and purchase of new shares by the prospective investor, 22 Hospitality Limited, which will result in a change in control, with the new investor holding 51% of the issued and fully paid shares post transaction completion. The capital raised from the transaction will be utilized towards the renovation of the hotel. The potential investor, 22 Hospitality Limited, has already indicated an interest in carrying out this investment, conducted a satisfactory due diligence exercise and entered into a substantive share subscription agreement subject to the approval of the transaction by the relevant regulatory authorities. As this transaction will result in the establishment of control by 22 Hospitality Limited post-transaction execution, we apply on behalf of our client, Capital Hotels Plc, for your approval.