Various Eateries PLC Related Party Transaction (7557Z)
January 16 2024 - 2:00AM
UK Regulatory
TIDMVARE
RNS Number : 7557Z
Various Eateries PLC
16 January 2024
VARIOUS EATERIES PLC
("Various Eateries" or "the Company"
and with its subsidiaries "the Group")
Related Party Transaction
Various Eateries Plc (AIM:VARE) confirms that on 15 January
2024, its wholly owned subsidiary, VEL Property Holdings Limited
entered into an agreement to reissue its Deep Discounted Bond with
Friends Provident International Limited ("FPI") ("New Deep
Discounted Bond").
The principle purpose for issuing the New Deep Discounted Bond
was to extend the redemption date from 14 January 2024 to 14 July
2024. The New Deep Discounted Bond has a subscription amount of
GBP3,018,769 and the nominal value is GBP3,139,189 (which
incorporates an annual interest rate of 8%). The New Deep
Discounted Bond is secured against the Company's freehold property
in Cobham.
Related Party Transaction
FPI operates on an execution only basis on the sole instruction
of Hugh Osmond, a director and substantial shareholder of the
Company so accordingly the issue of the replacement Deep Discounted
Bond is deemed to be a related party transaction pursuant to AIM
Rule 13 of the AIM Rule for Companies. The Company's directors
(excluding Hugh Osmond and Tiffany Sword, who are indirectly
interested in this transaction) consider, having consulted with
Various Eateries' Nominated Adviser, WH Ireland Limited, that the
terms of the New Deep Discounted Bond are fair and reasonable
insofar as the shareholders of the Company are concerned.
Enquiries
Various Eateries plc Via Alma PR
Andy Bassadone Executive Chairman
Sharon Badelek Chief Financial Officer
WH Ireland Limited Sole Broker and NOMAD Tel: +44 (0)20 7220 1666
Broking
Harry Ansell
Nominated Adviser
Katy Mitchell
Megan Liddell
Alma Financial PR Tel: +44 (0)20 3405 0205
David Ison variouseateries@almastrategic.com
Rebecca Sanders-Hewett
Will Merison
About Various Eateries
Various Eateries owns, develops and operates restaurant,
clubhouse and hotel sites in the United Kingdom. The Group's stated
mission is "great people delivering unique experiences through
continuous innovation".
The Group is led by a highly experienced senior team including
Andy Bassadone (Executive Chairman), Hugh Osmond (Founder) and
Sharon Badelek (CFO).
The Group operates three core brands across 18 locations:
* Coppa Club, a multi-use, all day concept that
combines restaurant, terrace, café, lounge, bar
and work spaces
* Tavolino, a restaurant aiming to address a gap in the
market for high-quality Italian food at mid-market
prices
* Noci, a modern, neighbourhood pasta-only concept
which serves very high-quality dishes at reasonable
prices
For more information visit www.variouseateries.co.uk
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END
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