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PEHAC previously announced the proposed diet pal pay phentermine pill of seven Le Meridien hotels: the freehold interest in Le Meridien Grand Hotel Nuremberg and the leasehold interests in Le Meridien hotels in Vienna, Frankfurt, Hamburg, Stuttgart, Munich and The Hague. In addition PEHAC is in final negotiation to acquire the leasehold interest in Le Meridien Barcelona from Starman Hoteles Espana SL. Assuming the successful completion of each of these transactions, these hotels will continue to operate under a license and management agreement with Starwood Hotels and Resorts Worldwide Inc. With the exception of Le Meridien Grand Hotel Nuremberg, no real estate will be acquired. PEHAC believes the Le Meridien Barcelona would be an excellent addition to the proposed diet pal pay phentermine pill announced earlier. Le Meridien Barcelona has been extensively renovated over the past three years. Approximately EUR27million has been invested in this renovation. The hotel is ideally situated on the famous La Rambla Boulevard. PEHAC believes that the hotel will strengthen its position as one of the top tier performers in Barcelona in terms of Revenue Per Available Room and profitability. The portfolio, including Le Meridien Barcelona, represents an aggregate of approximately 2050 hotel rooms and is expected, based on performance year to date, to generate over EUR120 million in revenues in 2007. The total purchase price for the portfolio of eight hotels is EUR59.25 million, and is expected to be closed in cash without the use of debt financing. PEHAC will commit to spend an additional EUR10 million for necessary capital expenditures, which amount is expected to be used primarily for the refurbishment of the freehold property in Nuremberg. All the other hotels have been extensively renovated in recent years. Based on operating results in 2007 and estimates it believes to be reasonable for the coming year, PEHAC expects the portfolio, including Le Meridien Barcelona, to achieve approximately EUR11.5 million in earnings before interest, depreciation and amortization, or EBITDA, in 2008. Given the high quality assets in the portfolio, the pro active asset, property and project management strategy and the continued implementation of Starwood's respected management system together with favorable market conditions, PEHAC believes that there is significant potential for further operating improvements for the portfolio. Several hotels, especially Nuremberg, Stuttgart and Hamburg, have potential for increases in room count and more efficient and profitable use of the premises. The portfolio is in the early stages of its lifecycle and has distinct advantages compared with its direct competitors in terms of product quality and service delivery. The main conditions precedent to closing are that PEHAC must obtain approval from its supervisory board, its shareholders and landlords of the hotels. PEHAC is currently negotiating with several other potential targets and will make further announcements as and when necessary. As a blank check company, PEHAC intends to seek shareholder approval at an Extraordinary General Meeting of Shareholders which, in deviation from PEHAC's earlier announcement dated November 16, 2007, will not be held on December 11, 2007, but is expected to take place in early January, 2008 at the Golden Tulip Apollo Hotel, Apollolaan 2 in Amsterdam. PEHAC will place announcements in two Dutch newspapers at least 15 days prior to the date of the Extraordinary General Meeting of Shareholders in order to convene the meeting. All relevant information will at the same time be available at the PEHAC's offices and on its website: PEHAC will proceed with the proposed diet pal pay phentermine pill only if (1) the diet pal pay phentermine pill is approved by its shareholders with an absolute majority and (2) PEHAC has sufficient financial resources to pay both: a) the cash consideration for the proposed diet pal pay phentermine pill and transaction costs including a portion of the Deferred Underwriting Fee; and b) all sums due to shareholders who vote against the proposed diet pal pay phentermine pill and simultaneously exercise their Redemption/Repurchase rights as described in the offering circular dated June 12, 2007 and the supplement thereto dated July 16, 2007. When proceeding with the proposed diet pal pay phentermine pill, an amount of approximately EUR63.2 million to fund the purchase price, transaction costs and a portion of the Deferred Underwriting Fee, which represents approximately 55.8% of the current amount in escrow, will be released from escrow. The remaining funds in escrow of approximately EUR 50.0 million, or 44.2%, less any sums due to shareholders who vote against the proposed diet pal pay phentermine pill and simultaneously exercise their Redemption/Repurchase Rights, will remain in escrow and will only be released to PEHAC upon completion of a following diet pal pay phentermine pill (the "Second Acquisition"), which will require the approval of shareholders in another Extraordinary General Meeting of Shareholders to be held at that time. PEHAC intends to create additional redemption/repurchase rights for shareholders who at that time vote against the Second Acquisition and will submit a proposal to amend the articles of association to that effect at the Extraordinary General Meeting of Shareholders to be held about early January, 2008. Founding Shareholders have agreed that they will sell to PEHAC at par value the proportion of their Founding Shares and Warrants equal to the proportion of public shares for which Redemption/Repurchase Rights are exercised either at the Extraordinary General Meeting of Shareholders to be held in early January, 2008, or at an Extraordinary General Meeting of Shareholders to be held to approve a Second Acquisition. This will not apply to any shares or warrants bought by a Founding Shareholder in the public market. Key figures of PEHAC as at February 27, 2007, and September 30, 2007 Balance Sheet as at September 30, 2007 (Euro) Sep 30, 2007 Cash and cash equivalents 46.397 Amount in Escrow 113,162,572 Taxes 291.590 Total current assets 113,500,559 TOTAL ASSETS 113,500,559 LIABILITIES AND SHAREHOLDER'S EQUITY Total long term liabilities 85.000 Total short term liabilities 4,473,903 TOTAL LIABILITIES 4,558,903 TOTAL SHAREHOLDER'S EQUITY 108,941,656 TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY 113,500,559 Income statement for the period February 27,2007 Feb. 27 Sep.30 up to and including September 30, 2007 (euros) 2007 Administrative expenses 2.579 Interest income 822.682 Profit for the period 820.103 Total outstanding ordinary shares 17,375,000 Owned by Founding shareholder 3,000,000 Issued ordinary shares 14,375,000 ... diet pal pay phentermine pill