NGHT.L Regulatory News (NGHT)

30 June 2022

Nightcap plc

("Nightcap" or the "Company" or the "Group")

Finalising deferred consideration for acquisition of the Adventure Bar Group

Nightcap (AIM: NGHT), the owner of The Cocktail Club, the Adventure Bar Group and the Barrio Familia group of bars, announces that, further to the announcement made on 26 April 2022, the Company has issued 7,142,856 new ordinary shares (the "Earn Out Consideration Shares") of 1p each ("Ordinary Shares") in respect of the deferred consideration payable for its acquisition of the Adventure Bar Group.

The Earn Out Consideration Shares were issued at a price of 21p per share, valuing the deferred consideration paid at £1.5 million. The Earn Out Consideration Shares have been issued as follows: 2,321,428 to Bryan Lloyd; 2,267,857 to Thomas Kidd; 2,267,857 to Tobias Jackson; and 285,714 to Kieran Botting. The FCA notification, made in accordance with the requirements of the UK Market Abuse Regulation is appended further below.

As previously announced on 26 April 2022, the strong performance of the Adventure Bar Group led to the achievement of the financial milestones required for all the Earn Out Consideration Shares to be issued on a significantly faster timeline than originally expected by the Board.

Sarah Willingham, Chief Executive Officer of Nightcap, commented:

"Realising the full earn-out early is a phenomenal achievement for the founders of the Adventure Bar Group and with the recent successful opening of Tonight Josephine in Cardiff along with the upcoming openings of Blame Gloria, Bristol and Tonight Josephine, Liverpool, the business continues to go from strength to strength".

"The business is setup for further expansion this year with a strong pipeline of attractive sites under negotiation or in legal negotiations".

Admission to AIM

Application has been made to the London Stock Exchange for the Earn Out Consideration Shares to be admitted to trading on AIM ("Admission"). It is anticipated that Admission will occur, and dealings will commence in the Earn Out Consideration Shares at 8:00 a.m. on or around 5 July 2022.

The Earn Out Consideration Shares rank pari passu in all respects with the existing Ordinary Shares of the Company and therefore will rank equally for all dividends or other distributions declared, made or paid after the date of issue.

Total Voting Rights

Following the issue of the Earn Out Consideration Shares, the Company's enlarged issued ordinary share capital now comprises 198,300,657 Ordinary Shares, with one voting right per share. The Company does not hold any Ordinary Shares in treasury. Therefore, the total number of Ordinary Shares in the Company with voting rights is now 198,300,657.

The above 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.

Interests of Directors and persons discharging managerial responsibilities (PDMRs)

Following the issue of the 7,142,856 Earn Out Consideration Shares, Nightcap's Directors now have the following percentage interests in the Company's issued ordinary share capital:

In addition, certain of Nightcap's persons discharging managerial responsibilities ("PDMRs") now have the following percentage interests in the Company's issued ordinary share capital:

*Includes 901,312 Ordinary Shares held by CGCC Ltd which is beneficially owned and controlled by John James Goodman.

Further details on the terms and the structure of the acquisition of the Adventure Bar Group and the Earn Out Consideration Shares are detailed in the announcements released by the Company on 4 May 2021 and 26 April 2022.

For further enquiries:

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them.