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LONDON - Various Eateries Plc (AIM:VARE) announced Monday that its subsidiary, VEL Property Holdings Limited, has entered into an agreement to reissue its Deep Discounted Bond with Friends Provident International Limited (FPI), extending the redemption date by one year.
The new bond extends the original maturity date from July 14, 2025, to July 14, 2026. According to the company’s press release, the bond has a subscription amount of £3,390,324 with a nominal value of £3,661,550 including accrued interest.
The terms of the bond remain largely unchanged, maintaining the 8% annual interest rate. The bond continues to be secured against the company’s freehold property in Cobham.
The transaction is classified as a related party transaction under AIM Rule 13, as FPI operates on instructions from Hugh Osmond, a director and substantial shareholder of Various Eateries. The company’s directors, excluding Osmond and Tiffany Sword who have indirect interests in the transaction, have consulted with the company’s Nominated Adviser, Zeus Capital Limited, and consider the terms to be fair and reasonable for shareholders.
Various Eateries operates 20 locations across the UK under two core brands: Coppa Club, a multi-use concept combining restaurant, terrace, café, lounge, bar and work spaces; and Noci, a modern pasta-led restaurant.
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