Suspension of Ordinary Shares

RNS Number : 5435Q

daVictus plc

20 February 2019

 

DAVICTUS PLC

PRESS RELEASE

20 February 2019

DaVictus Plc (LON: DVT), the company formed to make acquisitions in the food and beverage sector ("DaVictus", or the "Company"), is pleased to announce that it is proposing to enter into non-binding conditional heads of terms (the "Heads of Terms") with Typical Dutch N.V. ("TDNV") under which it is proposed that DaVictus acquires the intellectual property rights in a restaurant concept currently owned by TDNV (the "Proposed Transaction").

TDNV is an Aruban registered company that runs a small family-owned café while selling souvenirs to tourist. It operates as a traditional Cuban-themed café in Aruba.  TDNV has developed a comprehensive menu including their recipes, collection of Cuban/Havana graphics for a restaurant concept branded as HAVANA Rolled Cigar Music Café (or simply "the HAVANA"). It has also developed the interior decoration concept, drafted franchise agreements, operation manuals and various other business documents (referred to as the "TDNV IP").

Under the Heads of Terms, the consideration for the acquisition of the TDNV IP, which remain subject to, inter alia, due diligence and contract, would be £100,000.

Suspension of Ordinary Shares

By virtue of its size, the Proposed Transaction would constitute a reverse takeover under the Financial Conduct Authority's Listing Rules.  Accordingly, on the request of the Company and with effect from 7.30 a.m. (UK time) today, listing of the ordinary shares of no par value of the Company on the standard listing segment of the Official List of the UK Listing Authority and trading in the ordinary shares of the Company on the London Stock Exchange's main market for listed securities will be suspended.  This suspension will continue until the Company's publishes a prospectus in relation to the Potential Transaction or it being announced that the Potential Transaction will not proceed.

Further announcements will be made, as appropriate, in due course.

Robert Pincock

CEO

"I am excited looking at the opportunity for Davictus to drive the internationalisation of HAVANA Rolled Cigar Music Café. It provides a low cost entry into the restaurant franchise business that comes complete with identifiable history, culture, art and music settings"

This announcement is inside information for the purposes of Article 7 of Regulation 596/2014.

For further information, please contact:

Sara Chawankon (Ms)

Investor Relations Team

[e-mail]

 

END

 

 

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