30 Sep 2020 07:00
30 September 2020
The Barkby Group PLC
("Barkby", the "Group" or the "Company")
Company Update and Issue of Equity
The Barkby Group PLC, the diversified business group, announces the following update.
Board change
Following the appointment of Douglas Benzie as Chief Financial Officer in March, Emma Dark has formally stepped down as a Director and Company Secretary of the Group. Emma will continue to support the Group finance function in a non-statutory role. Emma has led the finance function of the Group since its inception. The Board would like to thank Emma for her contribution to the Group, particularly her significant role in the acquisition that completed earlier this year.
Deferred consideration amendment
Barkby and Turf to Table Ltd have agreed an amendment to the deferred consideration due to Turf to Table relating to Barkby's acquisition of pub assets and trade in 2018.
Barkby will now pay £115,000 in lieu of the balance of existing deferred consideration of £150,000. £60,000 of the outstanding £115,000 due will be satisfied by the issue and allotment of 260,869 ordinary shares in the capital of Barkby ("Ordinary Shares") at a price of 23 pence per Ordinary Share, and the balance of £55,000 is payable in cash no later than 30 September 2020. The amendment to the original terms will conserve £95,000 of cash for the Group.
Issue of Equity
Barkby has applied to the London Stock Exchange for 260,869 Ordinary Shares to be admitted to trading on AIM ("Admission"). It is expected that Admission will become effective and trading will commence in the new Ordinary Shares at 8.00 a.m. on 1 October 2020. On Admission the Company's issued share capital will comprise 135,495,935 Ordinary Shares, of which none are held in treasury. Therefore the total number of Ordinary Shares in the Company with voting rights will be 135,495,935. This figure may be used by shareholders in the Company 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 share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.
Planning permission granted
Further to the trading update of 22 July 2020, which announced that Barkby had secured planning permission from Wellingborough Borough Council to build a 20,000 sq. ft. mixed use retail and trade scheme, Barkby has now acquired part of the site for a modest sum. Barkby will add finance against the freehold site, before the scheme is forward funded by a purchaser. Construction is expected to begin in 2021.
Enquiries:
The Barkby Group PLC | |
Charles Dickson, Executive Chairman Douglas Benzie, Chief Financial Officer | |
finnCap Ltd (Nomad and Broker) | +44 (0) 20 7220 0500 |
Carl Holmes/Simon Hicks (corporate finance) Tim Redfern/Richard Chambers (ECM)
| |
Camarco (Financial PR) | +44 (0) 20 3757 4994 |
Jennifer Renwick/Jake Thomas
Notes to editors
The Barkby Group PLC is a diversified group of high growth, high quality businesses run by an entrepreneurial and experienced management team. The existing wholly owned businesses within Barkby include; Commercial Property Development, Barkby Life Sciences, Barkby Hospitality (comprising Barkby Pubs and Workshop Coffee) and Centurian Automotive. Barkby's strategy is to accelerate and maximise opportunities within its existing businesses as well as continue to source and invest in cash generative, growth businesses with the ability to disrupt.