Result of EGM

RNS Number : 6396U

Eclectic Bar Group PLC

31 July 2015

 

For Immediate Release

31 July 2015

Eclectic Bar Group plc

("Eclectic", the "Company" or the "Group")

Results of General Meeting

Completion of Subscriptions to raise £1.65 million

Board Appointment

Eclectic, one of the leading operators of premium bars in the UK, is pleased to announce that in connection with the Subscriptions announced by the Company on 15 June 2015, all resolutions put to shareholders at the Company's Extraordinary General Meeting held yesterday were duly passed.

Following the passing of the resolutions at the Extraordinary General Meeting, 3,300,000 new Ordinary Shares have been allotted to Luke Johnson, Reuben Harley and John Smith, all Executive Directors of the Company, conditional upon the admission of such Ordinary Shares to trading on AIM. It is expected that settlement will occur, admission to trading on AIM will become effective and dealings will commence in respect of all new Ordinary Shares at 8.00 a.m. on 3 August 2015 ("Admission").

Following admission of the 3,300,000 new Ordinary Shares to trading on AIM, the total number of Ordinary Shares with voting rights in issue will be 16,222,741 and this figure may be used by shareholders 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 Company under the Financial Conduct Authority's Disclosure and Transparency Rules.

Upon Admission, the new Ordinary Shares will be issued, credited as fully paid and will rank pari passu in all respects with the existing Ordinary Shares of the Company.

Following Admission, Luke Johnson will be beneficially interested in 3,000,000 Ordinary Shares, representing approximately 18.5 per cent. of the issued share capital of the Company as enlarged by the Subscriptions, Reuben Harley will be beneficially interested in 2,006,920 Ordinary Shares, representing approximately 12.4 per cent. of the issued share capital of the Company as enlarged by the Subscriptions, and John Smith will be beneficially interested in 1,253,719 Ordinary Shares, representing approximately 7.7 per cent. of the issued share capital of the Company as enlarged by the Subscriptions.

Board Appointment

Eclectic further announces that Mr Paul Viner has been appointed to the Board as a Non-Executive Director and Chairman of the Audit Committee with immediate effect.

Paul Viner is a Chartered Accountant and has worked predominantly in the leisure sector. He was previously Finance Director at Tottenham Hotspur plc. Paul subsequently moved to Riva Gaming Group, where he participated in both an MBI and later an MBO. He then spent several years in the property sector as CFO of Residential Land before being appointed CFO of Giraffe Concepts Limited in March 2009. Paul was a key part of the management team which sold Giraffe to Tesco plc for £50 million. Paul left Giraffe in late 2014 to set up his own business, Intelligent Goat Limited, which amongst other things provides mentoring advice for Finance Directors and CEOs. Paul currently holds a number of board positions including as CEO of Feng Sushi Limited, as well being a non-executive director in the bingo and arts and culture sectors.

Luke Johnson, Executive Chairman said:

"I am delighted that shareholders have supported my appointment and the consequent subscriptions by the executive team. The monies raised will put the Company on a firmer footing and enable us to begin the task of returning Eclectic to growth.

"We are pleased to welcome Paul Viner to the Board. He is an experienced leisure industry director, particularly in small, growing companies. His knowledge and expertise will be invaluable to the team and the Board."

The following information is disclosed pursuant to Schedule Two, paragraph (g) of the AIM Rules for Companies:

Mr Paul Lewis Viner, age 45

Current Directorships and partnerships:	Previous directorships and partnerships (held in the past five years):
Feng Sushi Limited Intelligent Goat Limited Majestic Bingo Limited JW3 Trading Limited	Giraffe Concepts Limited

Mr Viner does not currently hold any ordinary shares in the Company. There are no other disclosures required in relation to Rule 17 or paragraph (g) of Schedule 2 of the AIM Rules for Companies.

Enquiries:

Eclectic Bar Group plc       (www.eclecticbars.co.uk)	Tel: [phone]
Reuben Harley, CEO John Smith, CFO
Panmure Gordon	Tel: [phone]
Corporate Finance
Andrew Godber / Atholl Tweedie / Duncan Monteith
Corporate Broking
Charles Leigh-Pemberton / Maisie Atkinson
Instinctif Partners	Tel: [phone]
Matthew Smallwood
Justine Warren

About Eclectic

Eclectic is a leading operator of premium bars in the UK. Eclectic's portfolio comprises 19 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 Republica, Lola Lo, Lowlander, Sakura, Coalition, Po Na Na and Fez Club.

The Group's management team, led by Luke Johnson, who has been involved in the hospitality industry for over 20 years, and 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.

 

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