REG - Various Eateries PLC - Related Party Transaction

Various EateriesAnnouncement

18/07/2023 10:15

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RNS Number : 3767G  Various Eateries PLC  18 July 2023

 

VARIOUS EATERIES PLC

("Various Eateries" or "the Company"

and with its subsidiaries "the Group")

 

Related Party Transaction

 

Various Eateries Plc (AIM:VARE) confirms that on 14 July 2023, its wholly
owned subsidiary, VEL Property Holdings Limited entered into an agreement to
reissue one of its Deep Discounted Bond with Friends Provident International
Limited ("FPI") ("New Deep Discounted Bond").

 

The principle purpose for issuing the New Deep Discounted Bond was to extend
the redemption date from 14 July 2023 to 14 January 2024. The New Deep
Discounted Bond has a subscription amount of £2,901,745 and the nominal value
is £3,018,769 (which incorporates an annual interest rate of 8%). The New
Deep Discounted Bond is secured against the Company's freehold property in
Cobham.

 

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 and Tiffany Swords, 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
of the Company are concerned.

 

 

Enquiries

 

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

 WH Ireland Limited      Sole Broker and NOMAD      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), Sharon
Badelek (CFO) and Matt Fanthorpe (Chef Director, a non-board position).

 

The Group operates three core brands across 17 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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