1 Nov 2018 07:00
This announcement contains inside information within the meaning of the EU Market Abuse Regulation 596/2014.
1 November 2018
Applegreen plc
("Applegreen" or the "Company" or, together with its subsidiaries, the "Group")
Completion of Acquisition of a Majority Stake in Welcome Break
Applegreen is pleased to announce that completion took place on 31 October 2018 of the Acquisition and the AIP Transaction, which together constitute the Transaction, first announced by the Company on 2 August 2018. Applegreen now holds a 50.01 per cent. stake in Welcome Break and will be responsible for its strategy and operational matters. Further detail on the Transaction and its effect on Applegreen is set out in the Company's AIM and ESM admission document published on 28 September 2018 (the "Admission Document").
In the Admission Document, Applegreen stated that it and AIP had entered into discussions in relation to a further MSA asset which may be transferred by Applegreen to Welcome Break for additional equity in Welcome Break and a corresponding cash investment by AIP (the "Additional MSA Asset"). Further to this, the Company is pleased to confirm that as part of the Completion, a number of additional early stage UK pipeline assets, which includes the Additional MSA Asset, have been transferred by Applegreen to Welcome Break alongside the Applegreen UK Business Transfer Assets (the "Additional Transfer"). The value ascribed to these early stage UK pipeline assets is approximately £7.6m and Applegreen will receive additional equity in Welcome Break on or before 31 December 2018 as consideration for the Additional Transfer. AIP has a right to invest up to approximately £7.6m into Welcome Break on or before 31 December 2018 in order to maintain its current shareholding of 49.99 per cent.
All defined terms used in this announcement not otherwise defined have the meanings set out in the Admission Document.
For further information, please contact:
Applegreen
Bob Etchingham, CEO +353 (0) 1 512 4800
Niall Dolan, CFO
Goodbody (ESM Adviser and Joint Broker) +353 (0) 1 667 0420
Siobhan Wall
Richard Tunney
Shore Capital (Nominated Adviser and Joint Broker) +44 (0) 20 7408 4090
Stephane Auton
Patrick Castle
Drury Porter Novelli (Irish Financial PR Adviser) +353 (0) 1 260 5000
Paddy Hughes
Person Responsible
The person responsible for making this announcement on behalf of the Company is Niall Dolan.