TIDMVARE
RNS Number : 9217V
Various Eateries PLC
06 December 2023
THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY
THE COMPANY TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER
THE MARKET ABUSE REGULATION (EU) NO . 596/2014 AS IT FORMS PART OF
UK DOMESTIC LAW PURSUANT TO THE EUROPEAN UNION (WITHDRAWAL) ACT
2018, AS AMED. UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A
REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO
BE IN THE PUBLIC DOMAIN.
Various Eateries plc
("Various Eateries", the "Company" or the "Group")
Result of Placing
Conditional Conversion of Debt Into Equity
PDMR Trading
Conditional New Facility Agreement
Proposed New Options
Notice of General Meeting
Various Eateries plc (AIM:VARE) confirms further to its
announcement of 7.00 a.m. (London time) on 6 December 2023 (the
"Announcement"), that it has successfully closed the Placing.
Result of Conditional Placing
Subject to the satisfaction of the conditions referred to below,
the Placing has raised, in aggregate, gross proceeds of GBP10.1
million (cGBP9.7m net proceeds) through the placing of 40,400,000
Ordinary Shares (the "Placing Shares") with certain institutional
and other investors at a price of 25 pence per share (the "Placing
Price"). The Holdings of shareholders who do not participate in the
Placing will be diluted by 50.8 per cent as a result of the
placing.
The Placing is not being underwritten and is conditional, inter
alia, upon:
a) the passing, without amendment, of the Resolutions, including
the Rule 9 Waiver Resolution at the General Meeting;
b) the execution of the Conversion documents, and the Conversion
documents not having been terminated in accordance with their terms
prior to Admission
c) Admission becoming effective by no later than 8.00 a.m. on 27
December 2023 (or such other time and/or date, being no later than
8.00 a.m. on 31 January 2024, as the Placing Agent and the Company
may agree);
d) the other conditions in the Placing Agreement being satisfied or (if applicable) waived; and
e) the Placing Agreement not having been terminated in
accordance with its terms prior to Admission.
Conversion
The Company confirms that, as set out in the announcement of
earlier today, it has, through its wholly owned subsidiary, Various
Eateries Trading Limited, now executed, conditional on completion
of the Placing and on shareholder approval at the upcoming General
Meeting, Conversion documents to convert the following
indebtedness:
-- a Deep Discounted Bond issued to Friends Provident on 15 April 2023 with a nominal value of GBP10,801,509 and maturing on 15 April 2024; which is to convert at the Placing Price. If the Conversion completes the Company will issue to Friends Provident ( which operates on an execution only basis on the sole instruction of Hugh Osmond) 43,206,036 Ordinary Shares (the "First Conversion Shares"); and
-- a Secured Loan Agreement under which there is outstanding
principal amount of GBP392,337 owed to Anella Limited, due to be
repaid on 15 April 2024, and GBP215,351 owed to TDR Capital
Limited, which is to convert at the Placing Price. If the
Conversion completes the Company will issue to Anella Limited (a
company owned and controlled by Andy Bassadone) 1,569,248 Ordinary
Shares and 861,404 Ordinary Shares to TDR Capital (a total of
2,430,752 Ordinary Shares (the "Second Conversion Shares")).
The accrued interest on the indebtedness under the Secured Loans
Agreement is intended to be settled in cash from existing cash
resources. On the Latest Practicable Date the amount of this
accrued interest was GBP9,820.06.
Use of Proceeds
As set out in the Announcement, the Company has ambitious roll
out plans over the next 18 months with plans for up to 10 new Noci
sites and up to 3 new Coppa Club sites, including Cardiff and
Farnham. The Company already has a commitment to open the Cardiff
and Farnham Coppa Club sites during calendar year 2024 and a
further site is to be identified and sourced, likely within the
south of England. The Placing Proceeds will also be utilised for
the costs of these transactions and for working capital
purposes.
The Conversion is considered, by the Independent Directors, to
be of strategic importance to the future of the Company because of
the uncertainty with regards to the Company's ability to repay the
associated debt. The indebtedness under the Deep Discounted Bond is
a material sum for the Company, and it matures in April 2024. There
is no certainty that the holder of the Deep Discount Bond would
extend the repayment terms; that the Group would have the relevant
funds to be able to repay it at the time it matures or that the
Group would be able to source a relevant debt refinancing or
fundraising of the required amount, if necessary.
The capitalisation of the indebtedness under the Deep Discount
Bond and the Secured Loan Agreement gives the Directors certainty
as to the Group's ability to repay this indebtedness and comfort
that the indebtedness can be repaid without a material cash
outflow.
As set out above, if the Company is unable to implement the
Placing and Conversion, the Board believes it may reduce the
Company's ability to complete its planned capital expenditure and
therefore may have a material adverse effect on the Company's
business, financial condition, results of operations and/or
prospects.
PDMR and Substantial Shareholder Participation in the Placing
and Conversion
The Company has been notified of the following participants in
the Placing and the Conversion (conditional on, amongst other
matters, shareholder approval in the upcoming General Meeting):
Name Role Ordinary Ordinary Original Total Percentage
Shares Shares holding Holding holding
Subscribed subscribed prior if the of the
for in for in to the Placing Enlarged
the Placing the Conversion Placing and the Issued
(at 25p) and the Conversion Capital
Conversion progress: if the
Placing
and Conversion
progress
Non-Executive
Hugh Osmond Director 23,500,000* 43,206,036* 41,616,859** 108,322,895 61.88%
--------------- ------------- ---------------- ------------- ------------ ----------------
Executive
Andy Bassadone Chairman 430,652*** 1,569,348*** 2,045,246*** 4,045,246 2.31%
--------------- ------------- ---------------- ------------- ------------ ----------------
Canaccord Substantial
Genuity Shareholder 12,000,000 n/a 18,505,535 30,505,535 17.43%
--------------- ------------- ---------------- ------------- ------------ ----------------
* issued to Friends Provident (which operates on an execution
only basis on the sole instruction of Hugh Osmond)
** 37,436,256 Ordinary Shares are held by Xercise2 Limited, a
company controlled by Hugh Osmond; 3,174,603 Ordinary Shares are
held by The Great House at Sonning Limited, a company controlled by
Hugh Osmond; and 1,006,000 Ordinary Shares are held by Hugh
Osmond's family members.
*** issued to Anella Limited, a company owned and controlled by
Andy Bassadone.
Participation by Hugh Osmond and his affiliated person(s)
Hugh Osmond, Xercise2 Limited, The Great House at Sonning
Limited, Lucy Potter, The Children of Hugh Osmond, Friends
Provident, Tiffany Sword and Osmond Capital Limited Connected
Persons are considered by the Panel to be acting in concert in
respect of the Company and are interested in shares which carry
47.2 per cent. of the Company's voting rights. Assuming that the
Placing and Conversion is completed, and assuming that no person
exercises any options or other rights to subscribe for Ordinary
Shares, as at Admission Hugh Osmond and members of his Concert
Party would be interested in Ordinary Shares carrying 50 per cent.
or more of the Company's voting rights. Ordinarily, the acquisition
by any member of a concert party of an interest in shares as a
result of the Rule 9 Waiver Proposal which increases the percentage
of shares carrying voting rights in which such member is interested
to 30 per cent. or more would result in the members of the concert
party having to make a mandatory offer under Rule 9 of the Takeover
Code.
Pursuant to the Placing, Friends Provident (a company that
operates on an execution only basis on the sole instruction of Hugh
Osmond) has agreed that it will subscribe for 23,500,000 Placing
Shares. Accordingly, assuming such participation in, and following
completion of, the Placing and Conversion, Hugh Osmond and members
of his Concert Party would be interested (for the purpose of the
Takeover Code) in Ordinary Shares carrying more than 30 per cent.
of the Company's voting share capital (from a shareholding of less
than 50 per cent. of the Company's voting share capital) which
would ordinarily result in Hugh Osmond and members of his Concert
Party having to make a mandatory offer under Rule 9 of the Takeover
Code.
The Panel has been consulted and has agreed, subject to the
passing of the Rule 9 Waiver Resolution by the Independent
Shareholders on a poll at the General Meeting, to waive the
obligation of Hugh Osmond and members of his Concert Party to make
a mandatory offer for the ordinary shares in the capital of the
Company not already owned by them which would otherwise arise
following completion of the Proposals. Accordingly, the Company is
proposing the Rule 9 Waiver Resolution to seek the approval of
Independent Shareholders to the Rule 9 Waiver Resolution.
In the event that the Rule 9 Waiver Resolution is approved, and
on the assumption that the Placing and Conversion are completed,
that Friends Provident receive the maximum amount cited above, and
that no person exercises any options or other rights to subscribe
for Ordinary Shares or New Ordinary Shares, as at Admission, Hugh
Osmond and members of his Concert Party would be interested in 62.1
per cent. of the Company's voting share capital.
In addition, Hugh Osmond and members of his Concert Party will
not be restricted from making a subsequent offer in the future for
the Company in the event that the Rule 9 Waiver Proposal is
approved by Independent Shareholders and the Transactions take
place.
Deep Discounted Bond Facility Agreement
The Company confirms that today, VEL Property Holdings Limited,
a subsidiary of the Company, has entered into a conditional DDB
Facility Agreement with Xercise 2 Limited, a company owned and
controlled by Hugh Osmond. Under the terms of the DDB Facility
Agreement, VEL Property Holdings Limited would be able to draw down
up to GBP3,018,769, at a rate of 5% above Bank of England Base rate
for a period of 15 months, for the purpose of redeeming the deep
discounted bond issued by VEL Property Holdings Limited to Friends
Provident (which operates on an execution only basis on the sole
instruction of Hugh Osmond). The details of this deep discounted
bond are set out in the Company's announcement of 18 July 2023.
This deep discounted bond has a redemption date of 14 January 2024.
In the event that the Company cannot refinance this deep discounted
bond, it is intended that the DDB Facility Agreement would provide
comfort that it can be repaid.
Issue of Options
The Directors believe that it is important for the success and
growth of the Company to employ highly motivated personnel and that
equity incentives are available to attract, retain and reward
staff.
The Company currently has outstanding options over 4,468,238
Ordinary Shares issued to its directors and management team. These
include options over 642,857 Ordinary Shares granted to Sharon
Badelek (see announcement dated 5 April 2023) and 300,000 options
granted to Tiffany Sword, respectively. Additionally, there are
joint share ownership arrangements (JSOP) in place with Andy
Bassadone and Matt Fanthorpe, which have been in place since the
Company's IPO. Following completion of the Placing and Conversion,
it is intended that all current options and JSOP arrangements will
be cancelled save for options over 1,290,262 ordinary shares, as
detailed in the table below.
Following the cancellation, the Company intends to issue new
options, also conditional on the completion of the Placing and
Conversion, in respect of 13,483,180 Ordinary Shares to certain
directors and employees of the Company on the following terms:
-- All options will vest in three tranches over three years,
with each tranche being exercisable at a 10% uplift to the previous
exercise price (the starting price being the higher of the placing
price plus 10% or market value);
-- The options are conditional on the recipient remaining an
employee of VARE at the time of exercise; and
-- Once vested, and subject to the employment condition, the
options can be exercised at any time between 3 and 10 years from
the date of grant.
The details of the new and existing options are set out in the
table below:
Name Position Held No. of existing No. of new Total options
options over options over held post-Admission
Ordinary Ordinary Shares
Shares retained granted
Andy Bassadone Executive Chairman Nil 1,428,571 1,428,571
------------------------ ----------------- ----------------- ---------------------
Chief Financial
Sharon Badelek Officer 642,857 2,857,143 3,500,000
------------------------ ----------------- ----------------- ---------------------
Tiffany Sword Non-Executive Director Nil 1,000,000 1,000,000
------------------------ ----------------- ----------------- ---------------------
An employee of
the Company and
a member of the
John Gripton Concert Party n/a 500,000 500,000
------------------------ ----------------- ----------------- ---------------------
Managing Director,
Rebecca Tooth Coppa Club n/a 2,500,000 2,500,000
------------------------ ----------------- ----------------- ---------------------
Matt Fanthorpe Culinary Director Nil 1,000,000 1,000,000
------------------------ ----------------- ----------------- ---------------------
Other employees 647,405 4,197,466 4,844,871
----------------- ----------------- ---------------------
TOTAL 1,290,262 13,483,180 14,773,442
----------------- ----------------- ---------------------
The Company intends to utilise the shares currently held by the
Company's Employee Benefit Trust, (being 6,866,173 Ordinary Shares)
to part satisfy the issue of these new options, with the balance
being issued from new equity.
Related Party Transactions
As Hugh Osmond is a director and, indirectly, a substantial
shareholder in the Company, the participation by Friends Provident
( which operates on an execution only basis on the sole instruction
of Hugh Osmond) in the Placing and the Conversion, constitutes a
related party transaction for the purpose of Rule 13 of the AIM
Rules of Companies. The Directors of the Company, excluding Hugh
Osmond, Sharon Badelek, Tiffany Sword and Andy Bassadone who are
not considered independent for the purposes of this opinion,
consider having consulted with WH Ireland, the Company's nominated
adviser, that the terms of the participation in the Placing and the
Conversion by Friends Provident is fair and reasonable in so far as
Shareholders are concerned.
As Hugh Osmond is a director and, indirectly, a substantial
shareholder in the Company, the execution of the DDB Facility
Agreement with Xercise2 Limited (a company owned and controlled by
Hugh Osmond) constitutes a related party transaction for the
purpose of the AIM Rules. The Directors of the Company, excluding
Hugh Osmond, Sharon Badelek, Tiffany Sword and Andy Bassadone who
are not considered independent for the purposes of this opinion,
consider having consulted with WH Ireland, the Company's nominated
adviser, that the terms of the DDB Facility Agreement are fair and
reasonable in so far as Shareholders are concerned.
As Andy Bassadone is a director of the Company, the
participation by Anella Limited (a company owned and controlled by
Andy Bassadone) in the Placing and the Conversion constitutes a
related party transaction for the purpose of the AIM Rules. The
Directors of the Company excluding Hugh Osmond, Sharon Badelek,
Tiffany Sword and Andy Bassadone who are not considered independent
for the purposes of this opinion, consider having consulted with WH
Ireland, the Company's nominated adviser, that the terms of the
participation in the Conversion and the Placing by Anella Limited
is fair and reasonable in so far as Shareholders are concerned.
As Canaccord Genuity Wealth Management is a substantial
shareholder in the Company, the allotment and issue of the Placing
Shares constitutes a related party transaction for the purpose of
the AIM Rules. The Directors of the Company, excluding Hugh Osmond,
Sharon Badelek, Tiffany Sword and Andy Bassadone who are not
considered independent for the purposes of this opinion, consider
having consulted with WH Ireland, the Company's nominated adviser,
that the terms of the participation in the Placing by Canaccord
Genuity Wealth Management is fair and reasonable in so far as
Shareholders are concerned.
The issue of options over Ordinary Shares, as set out in the
Options section above, constitutes a related party transaction for
the purpose of the AIM Rules. The Directors of the Company,
excluding Hugh Osmond, Sharon Badelek, Tiffany Sword and Andy
Bassadone who are not considered independent for the purposes of
this opinion, consider having consulted with WH Ireland, the
Company's nominated adviser, that the issue of options is fair and
reasonable in so far as Shareholders are concerned.
Irrevocable Undertakings to vote in favour of the
resolutions
Glyn Barker and Gareth Edwards, being Independent Directors, and
Compound together hold, or are able to control the voting in
respect of, 7,141,426 Ordinary Shares and, of which, Compound
holds, or is able to control the voting in respect of, 6,863,649
Ordinary Shares. Compound is considered by the Board to be an
Independent Shareholder as it is neither a member of the Concert
Party nor a Placing Participant. The 7,141,426 Ordinary Shares that
Glyn Barker, Gareth Edwards and Compound hold, or are able to
control the voting in respect of, represent approximately 31.9 per
cent. of the Ordinary Shares expected to be entitled to vote on the
Rule 9 Waiver Resolution. Glyn Barker, Gareth Edwards and Compound
have irrevocably undertaken to vote in favour of the Rule 9 Waiver
Resolution.
Shareholders which together hold, or are able to control the
voting in respect of, Ordinary Shares representing approximately
38.6 per cent. of the Ordinary Shares expected to be entitled to
vote on the Rule 9 Waiver Resolution, have irrevocably undertaken
to vote in favour of the Rule 9 Waiver Resolution.
In addition, Shareholders which together hold, or are able to
control the voting in respect of, Ordinary Shares representing
approximately 57.7 per cent. of the Existing Ordinary Shares, have
irrevocably undertaken to vote in favour of the other
Resolutions.
Recommendation
The Independent Directors, who have been so advised by WH
Ireland Limited, consider the Rule 9 Waiver Proposals to be fair
and reasonable and in the best interests of the Shareholders and
the Company as a whole. In providing advice to the Directors, WH
Ireland Limited has taken into account the Directors' commercial
assessments.
In addition, the Directors consider that all of the Resolutions
are in the best interests of the Company and its Shareholders as a
whole. Accordingly, the Directors unanimously recommend that
Shareholders vote in favour of all the Resolutions as the
Independent Directors have irrevocably undertaken to do in respect
of their entire beneficial holdings, amounting in aggregate to
277,777 Ordinary Shares, representing approximately 0.3 per cent.
of the votes the Ordinary Shares have in relation all of the
Resolutions and as the Directors (other than the Independent
Directors) have irrevocably undertaken to do in respect of their
entire beneficial holdings, amounting in aggregate to 42,717,906
Ordinary Shares, representing approximately 48.0 per cent. of the
votes the Ordinary Shares have in respect of the Resolutions (other
than the Rule 9 Waiver Resolution).
Notice of General Meeting
The Company announces that it will shortly despatch the
Shareholder Circular and Notice of General Meeting to Shareholders.
The Directors confirm they are to convene a general meeting of the
Company at 10 am on 22 December 2023 at the offices of WH Ireland
Limited, 24 Martin Lane, London, EC4R 0DR. The Shareholder Circular
and Notice of General Meeting will be available on the Company's
website https://www.variouseateries.co.uk/ from today.
Commenting, Andy Bassadone, Executive Chairman said: " We are
delighted with the support shown by new and existing shareholders
in this fundraise for the Various Eateries roll out strategy. The
landscape post Covid has presented market dynamics which we cannot
ignore, with the availability and commercials of sites being in our
favour and changes in consumer behaviour that play to our brands.
Building on this favourable landscape, we have an established
platform and team in place plus a long track record of
delivery.
The appetite for high quality food and a great experience
remains and we look forward to the expansion of our footprint, with
our successful Coppa Club and Noci brands, over the next 18 months
. "
Admission and Total Voting Rights
Subject to all resolutions being passed at the General Meeting,
application will be made to the London Stock Exchange for admission
of the Placing Shares, the First Conversion Shares and the Second
Conversion Shares (a total of 86,036,788 Ordinary Shares (the "New
Ordinary Shares") to trading on AIM. It is expected that Admission
will become effective and dealings in the New Ordinary Shares will
commence on AIM at 8.00 a.m. on or around 27 December 2023 (or such
later date as may be agreed between the Company and the Bookrunner,
but no later than 31 January 2024).
The New Ordinary Shares will be issued fully paid and will rank
pari passu in all respects with the Company's existing Ordinary
Shares.
Following Admission, the total number of Ordinary Shares in the
capital of the Company in issue will be 175,045,265 with voting
rights. This figure may be used by shareholders as the denominator
for the calculations by which they will determine if they are
required to notify their interest in, or a change to their interest
in, the Company's share capital pursuant to (i) the Company's
Articles, (ii) the Financial Conduct Authority's Disclosure
Guidance and Transparency Rules and/or (iii) the AIM Rules for
Companies issued by the London Stock Exchange plc as amended from
time to time.
Capitalised terms used but not otherwise defined in this
announcement shall have the meanings ascribed to such terms in
Appendix II of the Announcement, unless the context requires
otherwise.
For further information, please contact:
Various Eateries Via Alma PR
plc
Andy Bassadone Executive Chairman
WH Ireland Limited Sole Broker and NOMAD Tel: +44 (0)20 7220 1666
Broking
Harry Ansell
Nominated Adviser
Katy Mitchell
Darshan Patel
Isaac Hooper
Alma PR Financial PR Tel: +44 (0)20 3405 0205
David Ison variouseateries@almapr.co.uk
Rebecca Sanders-Hewett
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Friends Provident International
-------------------------- --------------------------------------
2 Reason for the notification
------------------------------------------------------------------
a) Position/status PCA of Hugh Osmond
-------------------------- --------------------------------------
b) Initial notification Initial notification
/Amendment
-------------------------- --------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
------------------------------------------------------------------
a) Name Various Eateries plc
-------------------------- --------------------------------------
b) LEI 213800SWZ6W3RNE32B76
-------------------------- --------------------------------------
4 Details of the transaction(s): section to be repeated for (i)
each type of instrument; (ii) each type of transaction; (iii)
each date; and (iv) each place where transactions have been
conducted
------------------------------------------------------------------
a) Description Issue of Placing Shares
of the financial
instrument, ISIN: GB00BM9BZK23
type of instrument
Identification
code
-------------------------- --------------------------------------
b) Nature of the
transaction
-------------------------- --------------------------------------
c) Price(s) and Price No. of shares
volume(s) 25p 23,500,000
--------------
-------------------------- --------------------------------------
Aggregated
d) information
- Aggregated
volume
- Price 23,500,000
25p
------------------------------- --------------------------------------
e) Date of the 06 December 2023
transaction
-------------------------- --------------------------------------
f) Place of the XLON
transaction
-------------------------- --------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Friends Provident International
---------------------- --------------------------------------------
2 Reason for the notification
--------------------------------------------------------------------
a) Position/status PCA of Hugh Osmond, director of the Company
---------------------- --------------------------------------------
b) Initial notification Initial notification
/Amendment
---------------------- --------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
--------------------------------------------------------------------
a) Name Various Eateries plc
---------------------- --------------------------------------------
b) LEI 213800SWZ6W3RNE32B76
---------------------- --------------------------------------------
4 Details of the transaction(s): section to be repeated for (i)
each type of instrument; (ii) each type of transaction; (iii)
each date; and (iv) each place where transactions have been
conducted
--------------------------------------------------------------------
a) Description Conversion of Debt to Equity
of the financial
instrument, ISIN: GB00BM9BZK23
type of instrument
Identification
code
---------------------- --------------------------------------------
b) Nature of the
transaction
---------------------- --------------------------------------------
c) Price(s) and Price No. of shares
volume(s) 25p 43,206,036
--------------
---------------------- --------------------------------------------
Aggregated
d) information
- Aggregated
volume 43,206,036
- Price 25p
--------------------------- --------------------------------------------
e) Date of the 06 December 2023
transaction
---------------------- --------------------------------------------
f) Place of the Off market.
transaction
---------------------- --------------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Anella Limited
---------------------- -----------------------------------------------
2 Reason for the notification
-----------------------------------------------------------------------
a) Position/status PCA of Andy Bassadone, Director of the Company
---------------------- -----------------------------------------------
b) Initial notification Initial notification
/Amendment
---------------------- -----------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-----------------------------------------------------------------------
a) Name Various Eateries plc
---------------------- -----------------------------------------------
b) LEI 213800SWZ6W3RNE32B76
---------------------- -----------------------------------------------
4 Details of the transaction(s): section to be repeated for (i)
each type of instrument; (ii) each type of transaction; (iii)
each date; and (iv) each place where transactions have been
conducted
-----------------------------------------------------------------------
a) Description Issue of Placing Shares
of the financial
instrument, ISIN: GB00BM9BZK23
type of instrument
Identification
code
---------------------- -----------------------------------------------
b) Nature of the
transaction
---------------------- -----------------------------------------------
c) Price(s) and Price No. of shares
volume(s) 25p 430,652
--------------
---------------------- -----------------------------------------------
Aggregated
d) information
- Aggregated
volume 430,652
- Price 25p
--------------------------- -----------------------------------------------
e) Date of the 06 December 2023
transaction
---------------------- -----------------------------------------------
f) Place of the XLON
transaction
---------------------- -----------------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Anella Limited
---------------------- -----------------------------------------------
2 Reason for the notification
-----------------------------------------------------------------------
a) Position/status PCA of Andy Bassadone, Director of the Company
---------------------- -----------------------------------------------
b) Initial notification Initial notification
/Amendment
---------------------- -----------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-----------------------------------------------------------------------
a) Name Various Eateries plc
---------------------- -----------------------------------------------
b) LEI 213800SWZ6W3RNE32B76
---------------------- -----------------------------------------------
4 Details of the transaction(s): section to be repeated for (i)
each type of instrument; (ii) each type of transaction; (iii)
each date; and (iv) each place where transactions have been
conducted
-----------------------------------------------------------------------
a) Description Conversion of Debt to Equity
of the financial
instrument, ISIN: GB00BM9BZK23
type of instrument
Identification
code
---------------------- -----------------------------------------------
b) Nature of the
transaction
---------------------- -----------------------------------------------
c) Price(s) and Price No. of shares
volume(s) 25p 1,569,348
--------------
---------------------- -----------------------------------------------
Aggregated
d) information
- Aggregated
volume 1,569,348
- Price 25p
--------------------------- -----------------------------------------------
e) Date of the 06 December 2023
transaction
---------------------- -----------------------------------------------
f) Place of the Off market
transaction
---------------------- -----------------------------------------------
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END
ROIUPGPWPUPWGAQ
(END) Dow Jones Newswires
December 06, 2023 10:34 ET (15:34 GMT)
Various Eateries (LSE:VARE)
Gráfica de Acción Histórica
De Mar 2024 a Abr 2024
Various Eateries (LSE:VARE)
Gráfica de Acción Histórica
De Abr 2023 a Abr 2024
