Real Good Food PLC - food ingredients supplier - Amends terms of shareholders between itself and minority shareholders Robin Williams, Lynn Regan and Carwen Jones, regulating their relationship regarding Brighter Foods Ltd.
Real Good Food holds 84% stake in Brighter Foods, and minority shareholders hold 16%.
Under the terms, minority shareholders have agreed to forego their right to exercise the 2020 option to make Real Good Food Buy 50% of the minority interest. The group will pay minority shareholders GBP1.0 million on the date the deed is entered and a further GBP500,000 on November 20.
"Brighter has remained profitable and cash generative during recent challenging months, demonstrating its resilience and the benefit of having a lean and flexible cost base but to preserve cash for the group until Covid-19 abates this is considered a fair and balanced agreement between the group and the Minority Shareholders. It also further aligns the interests of Brighter's management team with value creation for the group," said Chair Mike Holt.
Current stock price: 4.10 pence
Year-to-date change: down 29%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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