Rev Bars Regulatory News (RBG)

14 June 2021

THIS ANNOUNCEMENT AND THE INFORMATION IN IT, IS NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, NEW ZEALAND, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE TO DO SO MIGHT CONSTITUTE A VIOLATION OR BREACH OF ANY APPLICABLE LAW OR REGULATION.

FURTHER, THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND IS NOT AN OFFER OF SECURITIES IN ANY JURISDICTION.

THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION (EU NO. 596/2014) (AS AMENDED) AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 AND OTHER IMPLEMENTING MEASURES. UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN

Defined terms used in this announcement have the meanings given to them in the Circular to shareholders dated 27 May 2021 (the "Circular") unless the context provides otherwise.

For immediate release

REVOLUTION BARS GROUP PLC

Result of Open Offer

Revolution Bars Group plc (the "Group" or the "Company"), a leading UK operator of 66 premium bars, trading under the 'Revolution' and 'Revolución de Cuba' brands, is pleased to announce the result of its Open Offer.

On 25 May 2021, Revolution announced its intention to raise gross proceeds of approximately £21.0 million by way of a Firm Placing and a Placing and Open Offer (together the "Fundraising"), all at an issue price of 20 pence per New Ordinary Share (the "Issue Price"). 

The Open Offer closed for acceptances at 11.00 a.m. on 11 June 2021. The Company received valid acceptances from Qualifying Shareholders in respect of their Basic Entitlements in respect of 4,350,859 New Ordinary Shares, representing approximately 87.0 per cent. of the Open Offer Shares. In addition, the Company received applications from Qualifying Shareholders under the Excess Application Facility in respect of 15,572,602 New Ordinary Shares, representing approximately 311.3 per cent. of the Open Offer Shares. Accordingly, Qualifying Shareholders who have validly applied for Open Offer Shares will receive their full Basic Entitlements. As applications under the Excess Application Facility cannot be satisfied in full, applications for New Ordinary Shares under the Excess Application Facility will be scaled back in accordance with the terms set out in the Circular.

A total of 105,001,866 New Ordinary Shares will be issued at the Issue Price (subject to the conditions noted below), of which 5,001,866 New Ordinary Shares will be issued pursuant to the Open Offer and 100,000,000 New Ordinary Shares (the "Firm Placing Shares") will be issued pursuant to the Firm Placing.

The Firm Placing Shares are not subject to clawback and were not part of the Placing and Open Offer.

General Meeting

The Fundraising remains conditional on the approval by Shareholders of Resolutions 1 and 2 at the Company's General Meeting to be held later this morning (or any adjournment thereof), the satisfaction of certain conditions in the Placing and Open Offer Agreement and admission of the New Ordinary Shares to trading on AIM occurring at or before 8.00 a.m. on 15 June 2021 (or such later date as the Company, finnCap and Peel Hunt may agree, being not later than 8.00 a.m. on 30 June 2021).

A further announcement of the results of the General Meeting will be made later today as soon as practicable following the conclusion of the General Meeting.

For further information, please contact:

The person responsible for arranging release of this announcement on behalf of Revolution Bars Group plc is Danielle Davies, Chief Financial Officer.