VSA Capital Group Silverwood Brands - Update Silverwood Brands PLC investment in Lush
20/02/2023 07:00
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RNS Number : 3658Q VSA Capital Group PLC 20 February 2023
20 February 2023
VSA Capital Group plc
("VSA Capital Group", "VSA Capital" or the "Company")
Update Silverwood Brands PLC investment in Lush
VSA Capital Group notes the announcement today by Silverwood Brands plc
("Silverwood") noting the refusal by Lush Cosmetics Limited and Cosmetic
Warriors Limited (together referred to as "Lush") to record the transfer of
shares for the 19.8% stake acquired by Silverwood for a total consideration of
£216.8m payable in Silverwood shares.
VSA Capital are in agreement with Silverwood's stance that Lush's actions have
no merit. VSA Capital are equally disappointed that a well-known ethical brand
is refusing to record the transfer of shares in line with their articles of
association. Together with its legal advisers, Silverwood will engage Lush and
its solicitors to resolve the current situation.
VSA Capital are Aquis Corporate Advisors to Silverwood and currently hold
0.88% of Silverwood's total share capital. The Company advised on the Aquis
regulatory issues and discussions with the Takeover Panel pertaining to the
acquisition transaction.
VSA Capital Group reiterates that per the interim results announced on the
16(th) of December 2022, the Company remains positive about its full year
outcome.
For more information, please contact:
VSA Capital Group plc +44(0)20 3005 5000
Andrew Monk, CEO
Andrew Raca, Head of Corporate Finance
Marcia Manarin, Finance Director
Alfred Henry - AQSE Corporate Adviser +44 (0)20 3772 0021
Nick Michaels & Maya Wassink www.alfredhenry.com (http://www.alfredhenry.com/)
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