REG - Various Eateries PLC - Related Party Transaction

Various EateriesAnnouncement

16/02/2023 07:00

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RNS Number : 0769Q  Various Eateries PLC  16 February 2023

VARIOUS EATERIES PLC

("Various Eateries" or "the Company"

and with its subsidiaries "the Group")

 

Related Party Transaction

 

Further to the announcement of 17 January 2023, the Company confirms that on
15 February 2023 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 2023 to 15 April 2024.

 

The New Deep Discounted Bond has a subscription amount of £10,001,397, the
nominal value is £10,801,509 (being a discount that over the term is
comparable to an annual interest rate of 8.00%) and the bond is secured over
the business and assets of the Company.

 

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 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
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, 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), 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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