REG - Revolution Bars - Update re General Meeting

Revolution BarsAnnouncement

07/05/2024 07:15

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RNS Number : 3510N  Revolution Bars Group  07 May 2024

For immediate release.

 

7 May 2024

Revolution Bars Group plc

(the "Company" or the "Group")

 

Update re General Meeting

 

 

Revolution Bars Group plc (AIM: RBG), a leading operator of premium bars and
gastro pubs, trading mainly under the Revolution, Revolucion de Cuba and Peach
Pubs brands, provides an update to shareholders further to recent
announcements and the postponement of the General Meeting, as announced on 30
April 2024.

 

The Company announced on 10 April 2024 that in order to explore whether a
potential sale of the Company or any of its business, assets and/or
subsidiaries would provide a better outcome for  stakeholders than the
Restructuring Plan, a Formal Sale Process (as referred to in Note 2 on Rule
2.6 of the Takeover Code) ("FSP") and an M&A Process were launched that
morning.

 

As is customary and in order to protect the Company's confidential information
and other interests, parties seeking to participate in the FSP were required
to enter into a non-disclosure and standstill agreement ("NDA") with the
Company.  Following announcement of the FSP, 42 parties, including Nightcap
plc ("Nightcap"), were invited to participate in the FSP, of which 32 agreed
to participate in the FSP and sign an NDA.  Nightcap declined to participate
in the FSP but has since announced that it is also exploring all options with
regards to the purchase of certain assets, subsidiaries or brands of the Group
or all of the issued and to be issued shares of the Company.

 

The Board welcomes the interest of all parties in the Group and its businesses
and is open to exploring all options that may deliver a superior outcome to
the Restructuring Plan.

 

The Board remains of the view that it is in the best interests of the Company
to explore all its strategic options, including supporting the proposal by
Revolution Bars Limited ("RBL" or the "Plan Company"), a subsidiary of the
Group, of a Restructuring Plan alongside a number of additional measures to be
implemented across the Group to re-shape its business as well as exploring, in
parallel, the FSP and the M&A Process, in order to deliver the best
outcome for stakeholders.  The Restructuring Plan is reliant on completion of
the Fundraising, which will require the approval of the Company's shareholders
in the General Meeting, which will now be held at a later date, which will
enable the Board to more fully update shareholders with respect to the
progress of the FSP , M&A process and any other proposals that the Company
may receive.

 

All details of the earlier notice of 15 April 2024 will remain unchanged save
for the new date and location for holding the General Meeting, the date when
the register of members will close and the date by which proxies need to be
lodged. Proxies already submitted will remain valid for the new date of the GM
unless superseded by a new proxy.

 

Further announcements will be made as appropriate.

 

Terms not otherwise defined herein shall have the meanings given to them in
the Company's circular to shareholders dated 15 April 2024, which remains
available at the Company's website at
https://www.revolutionbarsgroup.com/media/1464/revolution-bars-group-circular.pdf.

 

For further information, please contact:

 

 Revolution Bars Group plc                                                     Tel: 0161 330 3876

 Rob Pitcher, CEO

 Danielle Davies, CFO

 Cavendish Capital Markets Limited (Financial and Rule 3 Adviser, Nominated    +44 (0) 20 7220 0500
 Adviser, Broker and Bookrunner)

 Matt Goode / Simon Hicks / Teddy Whiley / Hamish Waller (Corporate Finance)

 Tim Redfern (ECM)

 www.Cavendish.com (http://www.Cavendish.com)

 Instinctif (Financial PR)                                                     Tel: 020 7457 2005

 Matthew Smallwood / Justine Warren

 020 7457 2010

 

 

 

 

 

 

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