Fulham Shore PLC (The) Completion of purchase of minority interests (7419K)
30 Agosto 2019 - 6:40AM
UK Regulatory
TIDMFUL
RNS Number : 7419K
Fulham Shore PLC (The)
30 August 2019
30 August 2019
The Fulham Shore plc
("Fulham Shore", the "Company" or the "Group")
Completion of purchase of minority interests
Further to the announcement on 16 July 2019 and following the
approval of shareholders at the Company's annual general meeting
("AGM") on 28 August 2019, Fulham Shore announces that it has now
completed the acquisition of the approximately 1% minority
interests in Kefi Limited ("Kefi"), which owns the subsidiary that
owns and operates The Real Greek restaurants; and Franco Manca
Holdings Limited (formerly Rocca Limited) ("FM Holdings"), which
owns the subsidiary that owns and operates the Franco Manca
pizzeria (together, the "Minority Interests"), from David Page and
Nabil Mankarious.
The final consideration payable by the Company for the purchase
of the Minority Interests was GBP628,026.42, being approximately 1%
of the Company's market capitalisation as at close of business on
28 August 2019. The final consideration payable by the Company was
adjusted downwards on a pro-rata basis in accordance with the terms
set out in the announcement of 16 July 2019, as the Company's
closing share price on the date of the AGM was 11.1p, being lower
than 11.5p, which was the closing share price on the 15 July 2019,
being the day prior to the announcement of the Company's intention
to purchase the Minority Interests. The final consideration paid to
Mr Page and Mr Mankarious for the purchase of the Minority
Interests was as follows:
Vendor Company No. shares purchased % of issued Consideration
share capital paid (GBP)
of Kefi/FM
Holdings
50,000 ordinary
shares of GBP0.00001
David Page Kefi each 0.48 101,543.77
50,000 ordinary
shares of GBP0.00001
Nabil Mankarious Kefi each 0.48 101,543.77
371,040 ordinary
shares of GBP0.000003
David Page FM Holdings each 0.5 212,469.44
371,040 ordinary
shares of GBP0.000003
Nabil Mankarious FM Holdings each 0.5 212,469.44
Total 628,026.42
The consideration has been satisfied using the Company's
existing cash resources.
For further information please contact:
The Fulham Shore plc www.fulhamshore.com
Nick Wong Tel: 020 3026 8129
Allenby Capital Limited
Nick Naylor / Jeremy Porter / Tel: 0203 328 5656
James Reeve
Hudson Sandler - Financial PR fulhamshore@hudsonsandler.com
Alex Brennan / Lucy Wollam Tel: 020 7796 4133
Notes for editors
Information on The Fulham Shore PLC
Fulham Shore was incorporated in March 2012. The Directors
believed that there were attractive investment opportunities within
the restaurant sector in the UK and that, given their collective
experience in the restaurant sector, they could take advantage of
the opportunities which existed.
The ordinary shares of the Company were admitted to trading on
AIM in October 2014 in order to capitalise on such opportunities
and to give the company employees, customers and public the ability
to share in the enterprise.
Today, Fulham Shore owns and operates "The Real Greek"
(www.therealgreek.com) and "Franco Manca" (www.francomanca.co.uk)
restaurants.
The Real Greek
Since its foundation in London in 1999, The Real Greek group has
grown steadily, now offering modern Greek cuisine in 16 restaurants
across London and Southern England.
The Real Greek food centres on the delicious, healthy diet of
the Eastern Mediterranean, staying true to the Greek ethos of food,
family and friends. Dishes are created using premium ingredients
sourced from Greece and Cyprus whenever possible, and developed by
Tonia Buxton, the face of Greek food in the UK.
The Real Greek's menu and atmosphere retain the spirit of eating
in Greece, encouraging diners to take their time eating amongst
friends and family, be it a relaxed dinner, family get-together, or
a fully catered party.
Franco Manca
Franco Manca opened its first restaurant in 2008 and now has 49
restaurants, primarily in London, but with recent openings in
Leeds, Exeter, Birmingham, Cambridge, Bath, Oxford and Bristol.
Other locations outside London are in the opening pipeline for the
next 12 months. Franco Manca also has a franchised pizzeria on the
island of Salina in Italy.
Franco Manca's pizza is made from slow-rising sourdough and is
baked in an oven that produces high heat. The slow levitation and
blast cooking process lock in the flour's natural aroma and
moisture, giving a soft and easily digestible crust. Where
possible, locally sourced and organic ingredients are used. Pizza
prices start from GBP5.00.
Franco Manca has received the following accolades:
Winner of the R200 Best Value Restaurant Operator- Over 20 Sites
Award 2017
Winner of the CGA Peach Hero and Icon Awards Best Concept award
2016
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END
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