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LONDON - Richmond Hill Resources Plc (AQSE:SHNJ), a company previously involved in the spirits industry, has announced the entry into a binding term sheet for the sale of its subsidiaries, Shinju Whiskey LLC and Shinju Spirits Inc., to Intergen I Limited Partnership. The transaction is valued at £10,000 and is subject to shareholder approval and the publication of an AIM admission document.
The sale of these subsidiaries, which are the last remaining in Richmond Hill’s portfolio, follows an announcement made on February 3, 2025, and is part of a strategic disposal process. Intergen I, the acquiring entity, is partially owned by Ryan Dolder, Richmond Hill’s CEO, making the transaction a related party deal under the Aquis Growth Market Access Rulebook.
Hamish Harris, the independent Director overseeing the sale, has deemed the terms of the transaction fair and reasonable with respect to the company’s shareholders after performing due diligence. The directors of Richmond Hill have taken responsibility for the contents of the announcement, which contains inside information as per the UK Market Abuse Regulation.
The sale is noteworthy as it involves a related party, which requires careful consideration to ensure that the interests of all shareholders are adequately protected. The company has stated that a further announcement will be made in due course, which suggests that additional details regarding the transaction and its completion will be forthcoming.
This move marks a significant shift for Richmond Hill as it divests from its whiskey business, potentially signaling a new direction for the company. The information provided is based on a press release statement from Richmond Hill Resources Plc.
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