Franchise Brands PLC Result of GM, Completion of Acquisition and TVR (9031W)
20 April 2023 - 6:33PM
UK Regulatory
TIDMFRAN
RNS Number : 9031W
Franchise Brands PLC
20 April 2023
20 April 2023
Franchise Brands plc
("Franchise Brands", the "Company" or the "Group")
Result of General Meeting, Completion of Fundraise and
Acquisition
and
Total Voting Rights
Franchise Brands plc, an international multi-brand franchise
business, announces that the Resolutions put to Shareholders at the
General Meeting held earlier today in connection with the Fundraise
and Acquisition of Hydraulic Authority 1 Limited, the owner of
Pirtek Europe Limited, were duly passed. Accordingly, the Fundraise
and Acquisition announced on 3 April 2023 are expected to complete
upon Admission tomorrow, 21 April 2023.
Stephen Hemsley, Executive Chairman of the Company, commented
:
"We are pleased to conditionally complete the transformational
acquisition of Pirtek Europe. The acquisition will expand the
Group's operations into ten countries and will significantly
advance the Board's ambition of creating a market-leading
international B2B multi-brand franchisor that generates its income
equally from the UK, North America and continental Europe."
"I am delighted to welcome Pirtek Europe's strong management
team, led by CEO Alex McNutt, who have made a significant
commitment in the equity fundraising to finance the acquisition. We
look forward to working with them and all the Pirtek Europe teams
to further support franchisees to grow the combined
businesses."
"We are now focused on integration and in particular, the
opportunity to further leverage central services efficiently,
principally in the areas of finance, marketing and technology".
The proxy votes received from shareholders on each resolution
are set out below:
Resolution Description Votes % of Votes % of Total Votes
For Votes Against Votes votes cast Withheld
Cast Cast (excluding
votes withheld
ORDINARY
RESOLUTIONS
--------------------- ------------------ ------------ ------- --------- ------- ---------------- ----------
Authority
to allot
shares
in respect
of the
Fundraising
RES:001 and Acquisition 104,002,900 99.34% 687,428 0.66% 104,690,328 6,752
------------------ ------------ ------- --------- ------- ---------------- ----------
SPECIAL RESOLUTIONS
--------------------- ------------------ ------------ ------- --------- ------- ---------------- ----------
Disapplication
of pre-emption
rights
in respect
of the
Fundraising
RES:002 and Acquisition 103,974,379 99.32% 715,949 0.68% 104,690,328 6,752
------------------ ------------ ------- --------- ------- ---------------- ----------
Total Voting Rights
On Admission, the Company's issued share capital will consist of
193,784,080 Ordinary Shares with one voting right each. The Company
does not hold any Ordinary Shares in treasury. Therefore, the total
number of Ordinary Shares and voting rights in the Company will be
193,784,080 from Admission. 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.
Capitalised terms used in this announcement have the meanings
given to them in the announcement issued by the Company on 3 April
2023, unless the context provides otherwise.
Enquiries:
Franchise Brands plc + 44 (0) 162 550 7910
Stephen Hemsley, Executive Chairman
Andrew Mallows, Interim Chief Financial Officer
Julia Choudhury, Corporate Development Director
Allenby Capital Limited (Nominated Adviser
and Joint Broker) +44 (0) 20 3328 5656
Jeremy Porter / George Payne (Corporate Finance)
Amrit Nahal / Joscelin Pinnington (Sales
& Corporate Broking)
Dowgate Capital Limited (Joint Broker) +44 (0) 20 3903 7715
James Serjeant / Russell Cook / Nicholas
Chambers (Corporate Finance)
Stifel Nicolaus Europe Limited (Joint Broker) +44 (0)20 7710 7688
Matthew Blawat / Francis North
MHP Group (Financial PR) +44 (0) 20 3128 8100
Katie Hunt / Catherine Chapman +44 (0) 7884 494112
franchisebrands@mhpgroup.com
About Franchise Brands plc
Franchise Brands is an international, multi-brand franchisor
focused on building market-leading businesses primarily via a
franchise model. The Group including Pirtek Europe has a combined
network of 650 franchisees across seven franchise brands in ten
countries covering the UK, North America and Europe.
Franchise Brands' focus is on B2B van-based reactive and planned
services. The Company owns several market-leading brands with a
long trading history, including Metro Rod, Metro Plumb, Filta and
now Pirtek in Europe, all of which benefit from the Group's central
support services, in particular technology, marketing, management
experience and other group resources. At the centre of Franchise
Brands' business building strategy is helping its franchisees grow
their businesses: "if they grow, we grow".
Franchise Brands, including Pirtek Europe, employs some 690
people across the Group.
For further information, visit www.franchisebrands.co.uk
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