50PU Sg Issuer 24

RNS Number:0725I
DAA Finance PLC
24 August 2006


               DAA FINANCE PLC (formerly Aer Rianta Finance plc)

  Euro250,000,000 6.15 per cent. Notes due 2011 of DAA Finance plc, guaranteed by
                          Dublin Airport Authority plc

PRESS RELEASE
Sale of Seven Great Southern Hotels Achieves Over Euro265 million

Dublin - 24th August, 2006: The Board of Great Southern Hotels Limited (GSH) has
approved the sale of seven of its eight hotels as going concerns. This decision
has been ratified by the board of Dublin Airport Authority.

The sale of the hotels is scheduled to be completed by the end of September
2006. The proceeds of the sale will be in excess of Euro265 million.

Tenders have been accepted for all of the Great Southern Hotels other than
Rosslare from three different purchasers. The Killarney, Eyre Square and Corrib
hotels have been acquired by Edward Holdings Limited, a company controlled by
Gerry Barrett. The three airport hotels at Dublin, Cork and Shannon have been
acquired by a company controlled by Ronan McArdle, Frank McArdle, Alan McIntosh
and the Walsh brothers. The Parknasilla hotel has been acquired by Spentor
Limited, a company controlled by Bernard McNamara. No acceptable tender was
received for the Rosslare hotel as an individual lot. GSH is confident it will
achieve the successful sale of this hotel in the near future.

GSH has also completed the sale of its 25% interest in the City of Derry Hotel
to the existing local shareholders.

As part of the sale process, all employees of GSH have been offered the
opportunity either to transfer to the new owner or to avail of a voluntary
severance package. Earlier this month staff overwhelmingly balloted in favour of
these arrangements. The terms and conditions of employment of staff who wish to
transfer to the new owners will be safeguarded under European Communities
(Protection of Employees on Transfer Undertakings) Regulations 2003 and, on
transfer, these employees will receive an ex-gratia lump sum payment.

ENDS

Further information please contact :

Ray Gray
Director - DAA Finance plc +353 (01) 8145265



                      This information is provided by RNS
            The company news service from the London Stock Exchange

END
DISBXGDIBBDGGLS

Sg Issuer 24 (LSE:50PU)
Historical Stock Chart
From Oct 2024 to Nov 2024

Sg Issuer 24 (LSE:50PU)
Historical Stock Chart
From Nov 2023 to Nov 2024