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
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