Related Party Transaction

RNS Number : 8338X

Various Eateries PLC

10 January 2022

 

VARIOUS EATERIES PLC

("Various Eateries" or "the Company"

and with its subsidiaries "the Group")

Related Party Transaction

The Company confirms that on 7 January 2022 , its wholly owned subsidiary, VEL Property Holdings Limited entered into an agreement to reissue one of its Deep Discounted Bonds 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 2022 to 14 January 2023. The New Deep Discounted Bond has a subscription amount of £2,584,279 and the nominal value is £2,791,022 (which incorporates an annual interest rate of 8%).

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, who is 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
Andy Bassadone	Executive Chairman	Via Alma PR
Yishay Malkov	Chief Executive Officer
Oli Williams	Chief Financial Officer
WH Ireland Limited	Sole Broker and Nominated Adviser	Tel: [phone]
Broking Harry Ansell, Adam Pollock
Nominated Adviser Katy Mitchell
Alma PR	Financial PR	Tel: [phone]
David Ison		[e-mail]
Susie Hudson
Molly Gretton

About Various Eateries

Various Eateries owns, develops and operates restaurant 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), Oliver Williams (CFO) and Matt Fanthorpe (Chef Director, a non-board position).

The Group operates two core brands across thirteen 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

For more information visit www.variouseateries.co.uk  

 

END

 

 

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