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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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