Jon Adgemis′ hospitality business is in the final stages of pre-listing debt raising and refinancing, The Australian Financial Review (AFR) has reported.
Mr Adgemis’ hospitality group wants to raise roughly $40 million via secured convertible notes. The proposed structure of these notes has been outlined in an information memorandum seen by The AFR.
Convertible note holders will have all asset security of a vehicle known as the Public Unit Trust. There will be a separate operating company, Public Hospitality Operating Co Pty Ltd. The aim is a June quarter listing of the stapled securities in Public (i.e. a unit in the Public Unit Trust and a share in Opco).
Former Crown Resorts heavyweight, Peter Crinis, has been hired by Mr Adgemis to help with the operations.
READ MORE: Ex-Crown boss, Peter Crinis, to lead pub group as it heads for the ASX.
The hospitality group consists of 15 venues (14-owned, one operated), including the Kurrajong Hotel in Erskineville and The Exchange Hotel in Balmain.
Mr Adgemis says the aim is to create a “lifestyle hospitality brand” with boutique accommodation and vibrant bars that will bring life into unloved buildings and return them to their original roots.
READ MORE: The Gravanis brothers sell Empire Hotel in Annandale for about $20 million.
Source: The Australian Financial Review.
