Various Eateries PLC Related Party Transaction (3767G)

TIDMVARE

RNS Number : 3767G

Various Eateries PLC

18 July 2023

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 14 July 2023, its wholly owned subsidiary, VEL Property Holdings Limited entered into an agreement to reissue one of 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 July 2023 to 14 January 2024. The New Deep Discounted Bond has a subscription amount of GBP2,901,745 and the nominal value is GBP3,018,769 (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 Swords, 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 
Yishay Malkov         Chief Executive Officer 
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 PR               Financial PR             Tel: +44 (0)20 3405 0205 
David Ison                                     variouseateries@almapr.co.uk 
Pippa Crabtree

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), Yishay Malkov (CEO), Sharon Badelek (CFO) and Matt Fanthorpe (Chef Director, a non-board position).

The Group operates three core brands across 17 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

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END

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(END) Dow Jones Newswires

July 18, 2023 05:03 ET (09:03 GMT)

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