Last checked at 9 Jun 2023 07:00
9 June 2023
Loungers plc
("Loungers" or the "Company")
Transaction in Own Shares and Total Voting Rights
Loungers, a leading operator of all day café/bars/restaurants across the UK under the Lounge, Cosy Club and Brightside brands, announces that it has re-purchased 195,000 ordinary shares of 1 pence each in the Company ("Ordinary Shares") at a price of 191.5 pence per Ordinary Share (the "Repurchase").
The Repurchase, equating to approximately 0.2 per cent. of the issued Ordinary Shares, was undertaken in accordance with the terms of the Company's general authority to make purchases of Ordinary Shares granted by Loungers shareholders on 14 October 2022. It was executed on the London Stock Exchange through the Company's joint broker, Liberum Capital. The Ordinary Shares the subject of the Repurchase will be held in Treasury in anticipation of the future exercise of share options under the Company's various incentive schemes. Given the Company's current share price, the Loungers board believes that this is an efficient use of capital.
Following the Repurchase, Loungers holds 195,000 Ordinary Shares in Treasury. As at 8 June 2023, the total number of Ordinary Shares in issue with voting rights (excluding Ordinary Shares held in Treasury) is 103,666,945. This figure may be used by the Company's shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change of interest in, Loungers under the Financial Conduct Authority's Disclosure and Transparency Rules.
For further information please contact:
Loungers plc Nick Collins, Chief Executive Officer Gregor Grant, Chief Financial Officer
|
Via Powerscourt
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Houlihan Lokey UK Limited (Financial Adviser and NOMAD) Sam Fuller / Tim Richardson
| Tel: +44 (0) 20 7484 4040 |
Liberum Capital Limited (Joint Broker) Andrew Godber / John Fishley
| Tel: +44 (0) 20 3100 2000 |
Peel Hunt LLP (Joint Broker) Dan Webster / Andrew Clark | Tel: +44 (0)20 7418 8900 |
Powerscourt (Financial Public Relations) Rob Greening / Nick Hayns / Elizabeth Kittle
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Tel: +44 (0) 207 250 1446 |
About Loungers
Loungers operates through its two complementary brands - Lounge and Cosy Club - in the UK hospitality sector. A Lounge is a neighbourhood café/bar combining elements of coffee shop culture, the British pub and dining. There are 192 Lounges nationwide. Lounges are principally located in secondary suburban high streets and small town centres. The sites are characterised by informal, unique interiors with an emphasis on a warm, comfortable atmosphere, often described as a "home from home".
Cosy Clubs are more formal bars/restaurants offering reservations and table service but share many similarities with the Lounges in terms of their broad, all-day offering and their focus on hospitality and culture. Cosy Clubs are typically located in city centres and large market towns. Interiors tend to be larger and more theatrical than for a Lounge, and heritage buildings or first-floor spaces are often employed to create a sense of occasion. There are 35 Cosy Clubs nationwide.
Loungers launched its third brand, a roadside dining concept called Brightside, in November 2022. The first two Brightside locations are now open, on the A38, south of Exeter, and on the A38 at Saltash with a further site to open on the A303 in summer 2023.