REG - Franchise Brands PLC - Result of GM, Completion of Acquisition and TVR

Franchise BrandsAnnouncement

20/04/2023 09:45

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RNS Number : 9031W  Franchise Brands PLC  20 April 2023

20 April 2023

 

Franchise Brands plc

("Franchise Brands", the "Company" or the "Group")

 

Result of General Meeting, Completion of Fundraise and Acquisition

and

Total Voting Rights

 

Franchise Brands plc, an international multi-brand franchise business,
announces that the Resolutions put to Shareholders at the General Meeting held
earlier today in connection with the Fundraise and Acquisition of Hydraulic
Authority 1 Limited, the owner of Pirtek Europe Limited, were duly passed.
Accordingly, the Fundraise and Acquisition announced on 3 April 2023 are
expected to complete upon Admission tomorrow, 21 April 2023.

 

Stephen Hemsley, Executive Chairman of the Company, commented:

 

"We are pleased to conditionally complete the transformational acquisition of
Pirtek Europe. The acquisition will expand the Group's operations into ten
countries and will significantly advance the Board's ambition of creating a
market-leading international B2B multi-brand franchisor that generates its
income equally from the UK, North America and continental Europe."

 

"I am delighted to welcome Pirtek Europe's strong management team, led by CEO
Alex McNutt, who have made a significant commitment in the equity fundraising
to finance the acquisition. We look forward to working with them and all the
Pirtek Europe teams to further support franchisees to grow the combined
businesses."

 

"We are now focused on integration and in particular, the opportunity to
further leverage central services efficiently, principally in the areas of
finance, marketing and technology".

 

The proxy votes received from shareholders on each resolution are set out
below:

 

 Resolution            Description                                                              Votes For    % of Votes Cast  Votes Against  % of Votes Cast  Total votes cast (excluding votes withheld  Votes Withheld
 ORDINARY RESOLUTIONS
 RES:001               Authority to allot shares in respect of the Fundraising and Acquisition  104,002,900  99.34%           687,428        0.66%            104,690,328                                 6,752
 SPECIAL RESOLUTIONS
 RES:002               Disapplication of pre-emption rights in respect of the Fundraising and   103,974,379  99.32%           715,949        0.68%            104,690,328                                 6,752
                       Acquisition

 

Total Voting Rights

 

On Admission, the Company's issued share capital will consist of 193,784,080
Ordinary Shares with one voting right each. The Company does not hold any
Ordinary Shares in treasury. Therefore, the total number of Ordinary Shares
and voting rights in the Company will be 193,784,080 from Admission. This
figure may be used by shareholders in the Company as the denominator for the
calculations by which they will determine if they are required to notify their
interest in, or a change to their interest in, the share capital of the
Company under the FCA's Disclosure Guidance and Transparency Rules.

 

Capitalised terms used in this announcement have the meanings given to them in
the announcement issued by the Company on 3 April 2023, unless the context
provides otherwise.

 

Enquiries:

 

 Franchise Brands plc                                                   + 44 (0) 162 550 7910
 Stephen Hemsley, Executive Chairman
 Andrew Mallows, Interim Chief Financial Officer
 Julia Choudhury, Corporate Development Director

 Allenby Capital Limited (Nominated Adviser and Joint Broker)           +44 (0) 20 3328 5656
 Jeremy Porter / George Payne (Corporate Finance)

 Amrit Nahal / Joscelin Pinnington (Sales & Corporate Broking)

 Dowgate Capital Limited (Joint Broker)                                 +44 (0) 20 3903 7715
 James Serjeant / Russell Cook / Nicholas Chambers (Corporate Finance)

 Stifel Nicolaus Europe Limited (Joint Broker)                          +44 (0)20 7710 7688
 Matthew Blawat / Francis North

 MHP Group (Financial PR)                                               +44 (0) 20 3128 8100
 Katie Hunt / Catherine Chapman                                         +44 (0) 7884 494112
                                                                        franchisebrands@mhpgroup.com

 

About Franchise Brands plc

 

Franchise Brands is an international, multi-brand franchisor focused on
building market-leading businesses primarily via a franchise model. The Group
including Pirtek Europe has a combined network of 650 franchisees across seven
franchise brands in ten countries covering the UK, North
America and Europe.

Franchise Brands' focus is on B2B van-based reactive and planned services.
The Company owns several market-leading brands with a long trading history,
including Metro Rod, Metro Plumb, Filta and now Pirtek in Europe, all of which
benefit from the Group's central support services, in particular technology,
marketing, management experience and other group resources. At the centre
of Franchise Brands' business building strategy is helping its franchisees
grow their businesses: "if they grow, we grow".

Franchise Brands, including Pirtek Europe, employs some 690 people across the
Group.

For further information, visit www.franchisebrands.co.uk
(http://www.franchisebrands.co.uk/)

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