30 Aug 2019 12:40
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 £628,026.42, 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 share capital of Kefi/FM Holdings | Consideration paid (£) |
David Page | Kefi | 50,000 ordinary shares of £0.00001 each | 0.48 | 101,543.77 |
Nabil Mankarious | Kefi | 50,000 ordinary shares of £0.00001 each | 0.48 | 101,543.77 |
David Page | FM Holdings | 371,040 ordinary shares of £0.000003 each | 0.5 | 212,469.44 |
Nabil Mankarious | FM Holdings | 371,040 ordinary shares of £0.000003 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 / James Reeve |
Tel: 0203 328 5656
|
Hudson Sandler - Financial PR Alex Brennan / Lucy Wollam | fulhamshore@hudsonsandler.com 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 £5.00.
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