REG - Electric Guitar PLC - Related Party Transactions

Electric GuitarAnnouncement

30/10/2023 07:15

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RNS Number : 6219R  Electric Guitar PLC  30 October 2023

30 October 2023

 

Electric Guitar PLC

 

("Electric Guitar" or the "Company")

 

Related Party Transactions

 

Electric Guitar PLC (LSE: ELEG) announces that on 5 May 2023, the Company
entered into an agreement with Mymyne Ltd ("Mymyne"), for the provision of
commercial due diligence services to the Company in connection with the
proposed acquisition of a previous target which did not proceed, for a total
fee of £40,000 plus VAT.

 

The Company entered a further agreement dated 19 August 2023 with Mymyne for
the provision of commercial due diligence services to the Company in
connection with the proposed reverse takeover of 3radical Limited (announced
on 7 July 2023) for a monthly fee of £20,000 plus VAT (pro rated for part
months). The total fee payable to Mymyne pursuant to this agreement was
£55,000 plus VAT.

 

Both of these agreements with Mymyne constitute material related party
transactions for the purposes of DTR 7.3 due to John Regan and John
Hutchinson, both directors of the Company, being 36.9% and 9.5% shareholders
of Mymyne, respectively. John Regan was also a director of Mymyne until 1 July
2023 when he resigned.

 

Accordingly, both of these agreements were voted upon by the Directors of the
Company (excluding John Hutchinson and John Regan) and such independent
Directors consider the material related party transactions in respect of the
agreements to be fair and reasonable from the perspective of the Company and
its Shareholders.

 

For further information:

 Electric Guitar PLC    01189 570 444

 John Hutchinson

 Chairman

 Axis Capital Markets  020 3026 0320

 (Corporate Broker)    rh@axcap247.com

 Richard Hutchison

 Yellow Jersey PR      020 3004 9512

 Sarah Hollins         electric@yellowjerseypr.com

                     (https://appriver3651008983.sharepoint.com/sites/CompanyData/Shared%20Documents/Corporate%20Finance/Mandated%20Transactions/Electric%20Guitar/Announcements/electric@yellowjerseypr.com)
 Annabelle Wills

 Bessie Elliot

 

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