Tourism and hospitality company Louis plc will ask shareholders to approve a restructuring and refinancing of the group’s borrowing at an extraordinary general meeting on November 11, under plans involving the Bank of Cyprus and several companies within the group.
The proposed arrangements, announced on Tuesday, aim to restructure existing debt, improve financing terms and provide funding facilities to group companies, according to a notice issued by the company.
The meeting will take place at 12.30pm at the Hilton Nicosia hotel, with shareholders asked to approve and ratify a series of financing agreements, guarantees and other arrangements connected with the restructuring.
The framework agreement involves Louis plc, Louis Hotels Public Company Limited, Clin Company Limited, the Bank of Cyprus and other parties.
Under the proposed arrangements, Clin Company Limited would be the borrower under a loan facility agreement, while separate bond loan agreements with the Bank of Cyprus would involve Louis Hotels Public Company Limited and Louis Hotels SA as issuers.
Louis plc would act as guarantor under the relevant financing agreements, while the wider package also includes guarantees and security over company assets and rights to support obligations owed by Louis plc itself or other group companies.
These arrangements may involve charges over assets, pledges of shares and the assignment of rights and receivables, alongside changes to existing guarantees and security, including their release or cancellation where applicable.
Shareholders are also being asked to approve the terms of the agreements and related transactions, including arrangements that may be implemented in stages or take effect after the group’s reorganisation has been completed.
The proposed resolutions would authorise the board to take the further steps needed to implement the refinancing, sign supplementary documents and make changes to the agreements, provided these do not materially alter the nature or purpose of the approved restructuring.
The meeting will also consider ratifying decisions and actions already taken by the board in connection with the arrangements, including decisions dated September 8, 2026.
Louis plc’s issued share capital stands at €9.21 million, divided into 460,546,854 ordinary shares carrying voting rights, each with a nominal value of €0.02.
Shareholders may submit proposed resolutions on matters included in the meeting agenda if they hold at least 5 per cent of the company’s issued share capital and voting rights.
Requests must reach the company secretary by November 2, 2026, the company stated.
Shareholders will also be entitled to ask questions about agenda items during the meeting and may appoint a proxy to attend and vote on their behalf.