Issue of Options and Related Party Transaction

RNS Number : 7441Y

Various Eateries PLC

18 January 2022

 

VARIOUS EATERIES PLC

("Various Eateries" or "the Company"

and with its subsidiaries "the Group")

PDMR Trading

Issue of Options

Related Party Transaction

The Company confirms today that it has issued options over 990,440 shares to certain directors and PDMRs of the Company, the details of the options are set out below (the "New Options").

The New Options are being granted under the rules of the Company's new CSOP Share Scheme (with the balance being issued as regular options) to incentivize key employees; they each have an exercise price of 69.4p (being a 5 day VWAP of the Various Eateries share price at today's price) and vest equally over three years with the first vesting date being the first anniversary of the date of grant; they remain, however, conditional on the continued employment of the recipient at the date of vesting.

This is with the exception of the issue of options to Tiffany Sword, a Non-Executive Director, whose options have an exercise price of 69.4p, being a 5 day VWAP of the Various Eateries share price at today's price but which vest immediately.

The details of the issue of New Options issued under this new Scheme are as follows :

Name of PDMR	Number of new options	Exercise Price	Total options now held
Yishay Malkov (CEO)	208,333	69.4p	2,398,809*
Oli Williams (CFO)	104,167	69.4p	1,199,405**
Tiffany Sword (Non-Executive Director)	300,000	69.4p	300,000
Matt Fanthorpe (Chef Director, non- board position)	104,167	69.4p	1,199,405***
Raj Manek	136,887	69.4p	136,887
Lizi Hill	136,889	69.4p	136,887

*includes JSOP options over 2,190,476 ordinary shares at an exercise price of 73p which can be realised from 31 August 2022 subject to certain other terms and conditions, as set out in the Company's Admission Document.

** includes JSOP options over 1,095,238 ordinary shares at an exercise price of 73p which can be realised from 31 August 2022 subject to certain other terms and conditions, as set out in the Company's Admission Document.

*** includes JSOP options over 1,095,238 ordinary shares at an exercise price of 73p which can be realised from 31 August 2022 subject to certain other terms and conditions, as set out in the Company's Admission Document.

Related Party Transaction

The issue of options to Yishay Malkov, Oli Williams and Tiffany Sword is deemed to be a related party transaction pursuant to AIM Rule 13 of the AIM Rule for Companies. The Company's directors (excluding Yishay Malkov, Oli Williams and Tiffany Sword, who are interested in this transaction) consider, having consulted with Various Eateries' Nominated Adviser, WH Ireland Limited, that the terms of the New Options are fair and reasonable insofar as the shareholders of the Company are concerned.

The notifications set out below are provided in accordance with the requirements of the EU Market Abuse Regulation.

1	Details of the person discharging managerial responsibilities
a)	Name	Yishay Malkov
2	Reason for the notification
a)	Position/status	CEO
b)	Initial notification/amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Various Eateries plc
b)	LEI	213800SWZ6W3RNE32B76
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument Identification code	Ordinary shares of 1 pence each GB00BM9BZK23
b)	Nature of the transaction	Issue of Options
c)	Price(s) and volume(s)	Price(s) Volume(s) 69.4p 208,333
d)	Aggregated information -  Aggregated volume  -  Price	208,333 69.4p
e)	Date of the transaction	17 January 2022
f)	Place of the transaction	London Stock Exchange (XLON)

1	Details of the person discharging managerial responsibilities
a)	Name	Oli Williams
2	Reason for the notification
a)	Position/status	CFO
b)	Initial notification/amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Various Eateries plc
b)	LEI	213800SWZ6W3RNE32B76
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument Identification code	Ordinary shares of 1 pence each GB00BM9BZK23
b)	Nature of the transaction	Issue of Options
c)	Price(s) and volume(s)	Price(s) Volume(s) 69.4p 104,167
d)	Aggregated information -  Aggregated volume  -  Price	104,167 69.4p
e)	Date of the transaction	17 January 2022
f)	Place of the transaction	London Stock Exchange (XLON)
1	Details of the person discharging managerial responsibilities
a)	Name	Tiffany Sword
2	Reason for the notification
a)	Position/status	Non-Executive Director
b)	Initial notification/amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Various Eateries plc
b)	LEI	213800SWZ6W3RNE32B76
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument Identification code	Ordinary shares of 1 pence each GB00BM9BZK23
b)	Nature of the transaction	Issue of Options
c)	Price(s) and volume(s)	Price(s) Volume(s) 69.4p 300,000
d)	Aggregated information -  Aggregated volume  -  Price	300,000 69.4p
e)	Date of the transaction	17 January 2022
f)	Place of the transaction	London Stock Exchange (XLON)

2	Details of the person discharging managerial responsibilities
a)	Name	Matt Fanthorpe
2	Reason for the notification
a)	Position/status	Chef Director
b)	Initial notification/amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Various Eateries plc
b)	LEI	213800SWZ6W3RNE32B76
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument Identification code	Ordinary shares of 1 pence each GB00BM9BZK23
b)	Nature of the transaction	Issue of Options
c)	Price(s) and volume(s)	Price(s) Volume(s) 69.4p 104,167
d)	Aggregated information -  Aggregated volume  -  Price	104,167 69.4p
e)	Date of the transaction	17 January 2022
f)	Place of the transaction	London Stock Exchange (XLON)

2	Details of the person discharging managerial responsibilities
a)	Name	Raj Manek
2	Reason for the notification
a)	Position/status	Property Director
b)	Initial notification/amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Various Eateries plc
b)	LEI	213800SWZ6W3RNE32B76
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument Identification code	Ordinary shares of 1 pence each GB00BM9BZK23
b)	Nature of the transaction	Issue of Options
c)	Price(s) and volume(s)	Price(s) Volume(s) 69.4p 136,887
d)	Aggregated information -  Aggregated volume  -  Price	136,887 69.4p
e)	Date of the transaction	17 January 2022
f)	Place of the transaction	London Stock Exchange (XLON)

2	Details of the person discharging managerial responsibilities
a)	Name	Lizi Hill
2	Reason for the notification
a)	Position/status	Head of Finance
b)	Initial notification/amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Various Eateries plc
b)	LEI	213800SWZ6W3RNE32B76
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument Identification code	Ordinary shares of 1 pence each GB00BM9BZK23
b)	Nature of the transaction	Issue of Options
c)	Price(s) and volume(s)	Price(s) Volume(s) 69.4p 136,887
d)	Aggregated information -  Aggregated volume  -  Price	136,887 69.4p
e)	Date of the transaction	17 January 2022
f)	Place of the transaction	London Stock Exchange (XLON)

Enquiries

Various Eateries plc
Andy Bassadone	Executive Chairman	Via Alma PR
Yishay Malkov	Chief Executive Officer
Oli Williams	Chief Financial Officer
WH Ireland Limited	Sole Broker and Nominated Adviser	Tel: [phone]
Broking Harry Ansell, Adam Pollock
Nomad Katy Mitchell, Megan Liddel
Alma PR	Financial PR	Tel: [phone]
David Ison		[e-mail]
Susie Hudson
Molly Gretton

About Various Eateries

Various Eateries owns, develops and operates restaurant and hotel sites in the United Kingdom. The Group's stated mission is "great people delivering unique experiences through continuous innovation".

The Group is led by a highly experienced senior team including Andy Bassadone (Executive Chairman), Hugh Osmond (Founder), Yishay Malkov (CEO), Oliver Williams (CFO) and Matt Fanthorpe (Chef Director, a non-board position).

The Group operates two core brands across thirteen locations:

·	Coppa Club, a multi-use, all day concept that combines restaurant, terrace, café, lounge, bar and work spaces
·	Tavolino, a restaurant aiming to address a gap in the market for high-quality Italian food at mid-market prices

For more information visit www.variouseateries.co.uk  

 

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