Barkby Group PLC (The) Company Update and Issue of Equity (5114A)
30 September 2020 - 4:00PM
UK Regulatory
TIDMBARK
RNS Number : 5114A
Barkby Group PLC (The)
30 September 2020
30 September 2020
The Barkby Group PLC
("Barkby", the "Group" or the "Company")
Company Update and Issue of Equity
The Barkby Group PLC, the diversified business group, announces
the following update.
Board change
Following the appointment of Douglas Benzie as Chief Financial
Officer in March, Emma Dark has formally stepped down as a Director
and Company Secretary of the Group. Emma will continue to support
the Group finance function in a non-statutory role. Emma has led
the finance function of the Group since its inception. The Board
would like to thank Emma for her contribution to the Group,
particularly her significant role in the acquisition that completed
earlier this year.
Deferred consideration amendment
Barkby and Turf to Table Ltd have agreed an amendment to the
deferred consideration due to Turf to Table relating to Barkby's
acquisition of pub assets and trade in 2018.
Barkby will now pay GBP115,000 in lieu of the balance of
existing deferred consideration of GBP150,000. GBP60,000 of the
outstanding GBP115,000 due will be satisfied by the issue and
allotment of 260,869 ordinary shares in the capital of Barkby
("Ordinary Shares") at a price of 23 pence per Ordinary Share, and
the balance of GBP55,000 is payable in cash no later than 30
September 2020. The amendment to the original terms will conserve
GBP95,000 of cash for the Group.
Issue of Equity
Barkby has applied to the London Stock Exchange for 260,869
Ordinary Shares to be admitted to trading on AIM ("Admission"). It
is expected that Admission will become effective and trading will
commence in the new Ordinary Shares at 8.00 a.m. on 1 October 2020.
On Admission the Company's issued share capital will comprise
135,495,935 Ordinary Shares, of which none are held in treasury.
Therefore the total number of Ordinary Shares in the Company with
voting rights will be 135,495,935. This figure may be used by
shareholders in the Company 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 share capital of
the Company under the FCA's Disclosure Guidance and Transparency
Rules.
Planning permission granted
Further to the trading update of 22 July 2020, which announced
that Barkby had secured planning permission from Wellingborough
Borough Council to build a 20,000 sq. ft. mixed use retail and
trade scheme, Barkby has now acquired part of the site for a modest
sum. Barkby will add finance against the freehold site, before the
scheme is forward funded by a purchaser. Construction is expected
to begin in 2021.
Enquiries:
The Barkby Group PLC
Charles Dickson, Executive Chairman
Douglas Benzie, Chief Financial Officer
+44 (0) 20 7220
finnCap Ltd (Nomad and Broker) 0500
Carl Holmes/Simon Hicks (corporate finance)
Tim Redfern/Richard Chambers (ECM)
+44 (0) 20 3757
Camarco (Financial PR) 4994
Jennifer Renwick/Jake Thomas
Notes to editors
The Barkby Group PLC is a diversified group of high growth, high
quality businesses run by an entrepreneurial and experienced
management team. The existing wholly owned businesses within Barkby
include; Commercial Property Development, Barkby Life Sciences,
Barkby Hospitality (comprising Barkby Pubs and Workshop Coffee) and
Centurian Automotive. Barkby's strategy is to accelerate and
maximise opportunities within its existing businesses as well as
continue to source and invest in cash generative, growth businesses
with the ability to disrupt.
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