Last checked at 1 Apr 2014 07:00
01 April 2014
Eclectic Bar Group plc
("Eclectic", the "Company" or the "Group")
Issue of Equity and Director Shareholding
Eclectic, one of the leading operators of premium bars in the UK, announces further details pertaining to the Company's acquisition of the Lowlander bar and brasserie, as disclosed in its interim results announcement of 26 March 2014. As previously stated, Jim Fallon, the Company's Chairman and one of the vendors of Lowlander, is to receive a tranche of consideration of £100,000 payable in Eclectic shares. This tranche will be satisfied by the issue to Jim Fallon of 60,241 new ordinary shares, at a price equating to £1.66 per ordinary share.
Application has been made for the admission to trading on AIM of the 60,241 new ordinary shares of 25p each ("Admission"). Admission is expected to take place at 8.00 a.m. on 3 April 2014. The new ordinary shares will rank equally with all other ordinary shares of Eclectic currently in issue.
Following Admission, Eclectic's total issued share capital will be 12,922,741. There are no shares in treasury. The figure of 12,922,741 may be used by shareholders as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change in their interest in the Company.
Following Admission, Jim Fallon will be interested in 422,116 ordinary shares in the Company, representing approximately 3.3% of the issued share capital of the Company.
Enquiries:
Eclectic Bar Group plc (www.eclecticbars.co.uk) | Tel: 020 7376 6300 |
Reuben Harley, CEO John Smith, CFO | |
Panmure Gordon (UK) Limited | Tel: 020 7886 2500 |
Corporate Finance | |
Andrew Godber / Atholl Tweedie / Duncan Monteith | |
Corporate Broking | |
Adam Pollock / Maisie Atkinson | |
Instinctif Partners | Tel: 020 7457 2020 |
Matthew Smallwood | |
Justine Warren |
About Eclectic
Eclectic is a leading operator of premium bars in the UK. Eclectic's portfolio comprises 20 venues located in major towns and cities, predominantly targeting a customer base of sophisticated students midweek and stylish over 21s and young professionals at weekends. The Company focuses on delivering added value for its customers, with premium product ranges, high-quality music and entertainment, and a commitment to high service levels and standards. Eclectic trades across its estate under a variety of brands, including Embargo 59, Lola Lo, Sakura, Po Na Na, Dirty Blonde and Fez Club.
The Group's management team, led by Reuben Harley, who has over 25 years' experience of working in the UK pub and bar industry, is implementing a strategy to grow the business through the development of new sites either under the Company's existing brands or using brands which can be successfully maintained, as well as business acquisitions as appropriate opportunities present themselves.