REG - Various Eateries PLC - Related Party Transaction

Various EateriesAnnouncement

17/01/2023 07:00

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RNS Number : 9561M  Various Eateries PLC  17 January 2023

 

VARIOUS EATERIES PLC

("Various Eateries" or "the Company"

and with its subsidiaries "the Group")

 

Related Party Transaction

 

The Company confirms that on 14 January 2023, 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 principal purpose for issuing the New Deep Discounted Bond was to extend
the redemption date from 14 January 2023 to 14 July 2023. The New Deep
Discounted Bond has a subscription amount of £2,791,022 and the nominal value
is £2,901,745 (which incorporates an annual interest rate of 8%).

 

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, 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 of the Company are
concerned.

 

 

Enquiries

 

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

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

 Harry Ansell
 Nominated Adviser

 Katy Mitchell / Megan Liddell

 Alma PR                         Financial PR                       Tel: +44 (0)20 3405 0205
 David Ison                                                         variouseateries@almapr.co.uk
 Pippa Crabtree

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), and Matt
Fanthorpe (Chef Director, a non-board position).

 

The Group operates three core brands across 15 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
(http://www.variouseateries.co.uk)

 

 

 

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