Gusbourne PLC Short term Unsecured Loan & Extension of Warrants (2910T)
14 November 2023 - 6:00PM
UK Regulatory
TIDMGUS
RNS Number : 2910T
Gusbourne PLC
14 November 2023
14 November 2023
Gusbourne Plc
("Gusbourne", the "Company" or the "Group")
Short term Unsecured Loan Facility and Extension of the final
exercise date of the Company's Warrants
Short term Unsecured Loan Facility
The Company announces that it has agreed a short-term unsecured
loan facility of GBP1.5m ("the Loan") with a company associated
with Lord Ashcroft ("the Lender"). The Loan is repayable on demand
(and in in any event within 364 days of the agreement) and carries
an interest rate of 2.5% per annum above Base Rate (being the base
rate of the Bank of England). The proceeds of the Loan will be used
for working capital and to support the ongoing growth strategy of
the Company.
Lord Ashcroft holds an interest in 66.3% of the Company's
ordinary shares of 1 pence each ("Ordinary Shares") and is a
Substantial Shareholder in the Company as defined by the AIM Rules
for Companies ("AIM Rules"). The provision of the Loan constitutes
a related party transaction pursuant to AIM Rule 13. The directors
of the Company, having consulted with the Company's nominated
adviser, Panmure Gordon, consider that the terms of the Loan are
fair and reasonable insofar as shareholders are concerned.
Extension of the final exercise date of the Company's
Warrants
On 17 December 2021, the Company issued transferrable one-year
warrants to subscribe for 4,002,259 Ordinary Shares at 75p per
Ordinary Share to all Shareholders on the register on 16 December
2021. Such warrants have a final exercise date of 16 December 2023
(the "Warrants"). The Company has now agreed to extend the final
exercise date of the Warrants by 12 months, being to 16 December
2024.
Unexercised Warrants at 10 November 2023 amount to 3,888,671
Ordinary Shares with 113,588 Warrants having been exercised to date
including 57,740 by the directors of the Company.
Of the unexercised Warrants, 2,660,158 (68.4%) are held by the
Company's largest shareholder, Belize Finance Limited, a related
party of Lord Ashcroft, and 20,617 Warrants 0.5%) are held by
Directors of the Company.
The extension of the final exercise date of the Warrants, as set
out above, constitutes a related party transaction pursuant to AIM
Rule 13. The independent directors for the purpose of the extension
of the Warrants (Jim Ormonde, Mike Paul, Katharine Berry and Lord
Arbuthnot PC), having consulted with the Company's nominated
adviser, Panmure Gordon, considers that the terms of the Warrant
extension are fair and reasonable insofar as shareholders are
concerned.
Enquiries:
Gusbourne Plc
Katharine Berry CFO +44 (0)12 3375 8666
Panmure Gordon (UK) Limited (Nomad and Sole Broker)
James Sinclair-Ford / Ailsa Macmaster / Lauren Riley + 44 (0)20 7886 2500
Hugh Rich / Rauf Munir
Media
Kate Hoare / Ben Robinson / India Spencer
(Houston)
gusbourne@houston.co.uk +44 (0)20 4529 0549
Note: This and other press releases are available at the
Company's website: www.gusbourneplc.com
This announcement contains inside information for the purposes
of article 7 of the Market Abuse Regulation (EU) 596/2014 as
amended by regulation 11 of the Market Abuse (Amendment) (EU Exit)
Regulations 2019/310. With the publication of this announcement,
this information is now considered to be in the public domain.
Note to Editors
Gusbourne produces and distributes a range of high quality and
award winning vintage English sparkling wines from grapes grown in
its own vineyards in Kent and West Sussex.
The Gusbourne business was founded by Andrew Weeber in 2004 with
the first vineyard plantings at Appledore in Kent. The first wines
were released in 2010 to critical acclaim. Following additional
vineyard plantings in 2013 and 2015 in both Kent and West Sussex,
Gusbourne now has 93 hectares of mature vineyards. The NEST visitor
centre was opened next to the winery in Appledore in 2017,
providing tours, tastings and a direct outlet for our wines.
Right from the beginning, Gusbourne's intention has always been
to produce the finest English sparkling wines. Starting with
carefully chosen sites, we use best practice in establishing and
maintaining the vineyards and conduct green harvests to ensure we
achieve the highest quality grapes for each vintage. A quest for
excellence is at the heart of everything we do. We blind taste
hundreds of samples before finalising our blends and even after the
wines are bottled, they spend extended time on their lees to add
depth and flavour. Once disgorged, extra cork ageing further
enhances complexity. Our winemaking process remains traditional,
but one that is open to innovation where appropriate. It takes four
years to bring a vineyard into full production and a further four
years to transform those grapes into Gusbourne's premium sparkling
wine.
Gusbourne's luxury brand enjoys premium price positioning and is
distributed in the finest establishments both in the UK and abroad.
Our wines can be found in leading luxury retailers, restaurants,
hotels and stockists, always being aware that where we are says a
lot about who we are.
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