REG - Various Eateries PLC - Related Party Transaction

Various EateriesAnnouncement

25/02/2022 07:16

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RNS Number : 7868C  Various Eateries PLC  25 February 2022

VARIOUS EATERIES PLC

("Various Eateries" or "the Company"

and with its subsidiaries "the Group")

 

Related Party Transaction

 

Further to the announcement of 10 January 2022, the Company confirms that on
24 February 2022 its wholly owned subsidiary, Various Eateries Trading
Limited, entered into an agreement to reissue its second Deep Discounted Bond
with Friends Provident International Limited ("FPI") ("New Deep Discounted
Bond").

 

The principal purpose for issuing the New Deep Discounted Bond is to extend
the redemption date from 15 April 2022 to 15 April 2023.

 

The New Deep Discounted Bond has a subscription amount of £9,515,000 and the
nominal value is £10,001,000 (being a discount that over the term is
comparable to an annual interest rate of 5.08%)

 

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. Accordingly,
the issue of the New 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, who is 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 are concerned.

 

 

Enquiries

 

 Various Eateries plc
 Andy Bassadone               Executive Chairman                 Via Alma PR
 Yishay Malkov                Chief Executive Officer
 Oli Williams                 Chief Financial Officer

 WH Ireland Limited           Sole Broker and Nominated Adviser  Tel: +44 (0)20 7220 1666
 Broking

 Harry Ansell, Adam Pollock
 Nominated Adviser

 Katy Mitchell

 Alma PR                      Financial PR                       Tel: +44 (0)20 3405 0205
 David Ison                                                      variouseateries@almapr.co.uk
 Susie Hudson
 Molly Gretton

About Various Eateries

 

Various Eateries owns, develops and operates restaurant 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), Yishay Malkov (CEO), Oliver
Williams (CFO) and Matt Fanthorpe (Chef Director, a non-board position).

 

The Group operates two core brands across thirteen 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

 

For more information visit www.variouseateries.co.uk
(http://www.variouseateries.co.uk)

 

 

 

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