REG - Various Eateries PLC - Related Party Transaction

Various EateriesAnnouncement

16/01/2024 07:01

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RNS Number : 7557Z  Various Eateries PLC  16 January 2024

 

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 15 January 2024, 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 principle purpose for issuing the New Deep Discounted Bond was to extend
the redemption date from 14 January 2024 to 14 July 2024. The New Deep
Discounted Bond has a subscription amount of £3,018,769 and the nominal value
is £3,139,189 (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 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
of the Company are concerned.

 

 

Enquiries

 

 Various Eateries plc                                  Via Alma PR
 Andy Bassadone            Executive Chairman

 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                      Financial PR               Tel: +44 (0)20 3405 0205
 David Ison                                           variouseateries@almastrategic.com
 Rebecca Sanders-Hewett

 Will Merison

 

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) and Sharon Badelek (CFO).

 

The Group operates three core brands across 18 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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