REG - Essentially Grp PLC - Completion of BLF Acquisition and Board Changes
10/05/2024 09:30
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RNS Number : 9599N Essentially Group PLC 10 May 2024
The information contained within this announcement is deemed by the Company
to constitute inside information stipulated under the Market Abuse
Regulation (EU) No. 596/2014 as it forms part of UK domestic law by virtue
of the European Union (Withdrawal) Act 2018. Upon the publication of this
announcement via the Regulatory Information Service,
this inside information is now considered to be in the public domain.
ESSENTIALLY GROUP PLC
("Essentially" or "the Company'')
Completion of the Acquisition of Best of Latin Foodstuff Trading LLC
Board Changes
Essentially Group PLC (AQSE:ESSN) is delighted to announce that, further to
the announcement made on 8 March 2024:
1) its wholly owned subsidiary, Essentially Holdings Limited, a company
registered in Abu Dhabi Global Market with company number 000005363 has
completed the acquisition of Best of Latin Foodstuff Trading LLC ("Best of
Latin") for a total consideration of £1,945,000 which is to be satisfied with
the issue of 3,705,000 new ordinary shares of £0.001 each in the Company at
an issue price of £0.525p per share ("Consideration Shares"), as announced on
8 March 2024; and that
2) Catalina Oñate has been appointed as Executive Director of the
Company with immediate effect.
The Board of the Company also announces that Ragnar Meitern, Non-Executive
Director, has informed the Board of his intention to step down as
Non-Executive Director of the Company given his increased other executive
commitments elsewhere. The Board would like to thank Mr Meitern for his
service and the contribution he has made to Essentially during his time on the
Board. The announcement of a successor will be made in due course.
Catalina Oñate
Catalina graduated from La Sabana University, Bogota - Colombia, in 2005,
holding a degree in Business Management. In 2003 as part of her studies, she
had an internship in a Hilton hotel located in Ras Al Khaimah, UAE, where she
realised the potential of importing food products from Latin America. After
years of market research, in 2011 Catalina established CI World Food Trading
LLC in Dubai, UAE, the first company in the country specialising in food
products from Latin America catering to the most demanding chefs of high-end
hotels and restaurants.
In 2016, after a rebranding process, Best of Latin Foodstuff Trading LLC
continued with the same mission of bringing the best products from Latin
America to the Middle East. Catalina was also the first person to establish a
first High Pressure Processing tolling facility in the UAE, pioneering a new
era of awareness of food safety and clean-label products in the region.
Consideration Shares - Admission to Trading
Application will be made for the Consideration Shares, which will rank pari
passu with the existing Ordinary Shares in issue, to be admitted to trading on
the AQSE Growth Market ("Admission"). Dealings are expected to commence on or
around 17 May 2024. The Consideration Shares will be subject to a lock-in
agreement for 12 months from completion.
Following Admission, the Company's total issued and voting share capital will
consist of 55,005,000 Ordinary Shares. The Company does not hold any Ordinary
Shares in treasury.
The above figures may be used by shareholders 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 Company under the FCA's
Disclosure and Transparency Rules.
Raja Abuljebain, CEO of Essentially Group PLC, commented: "We are very pleased
to complete this acquisition and welcome Best of Latin and Catalina to the
Essentially group. This marks a significant milestone in our growth journey,
which aligns seamlessly with our commitment to developing companies which can
enable consumers to live fuller, healthier lives. Work is already well under
way to deliver on the opportunities and synergies which we see between our
businesses - together, we will be able to take the Essentially group to new
heights. I would like to thank the teams at Best of Latin and Essentially for
their hard work and dedication throughout the acquisition process and to
Catalina for entrusting us with our shared futures. We couldn't be more
excited for the journey ahead."
Catalina Oñate, CEO of Best of Latin, commented: "I am delighted that we have
completed this deal to be acquired by Essentially. Joining forces with
Essentially and their team, who share our commitment to quality, authenticity
and health, is a perfect fit for Best of Latin, which will allow us to expand
our reach further than ever before. I want to express my gratitude to the
Essentially team for their warm welcome and collaborative spirit throughout
this process. Together, we can forge a path into the future and I am confident
that we will achieve great success for both our customers and our teams."
Disclosures required pursuant to Rule 4.9 of the AQSE Growth Market Access
Rulebook
Current directorships or partnerships: Previous directorships or partnerships:
Best of Latin Foodstuff Trading LLC CI World Food Trading LLC
Smart Food Solutions FZCO
Following completion, Catalina Oñate holds 3,705,000 Ordinary Shares in the
Company.
Save as set out in this announcement, there is no further information
regarding Catalina Oñate that is required to be disclosed pursuant to rule
4.9 of the AQSE Growth Market Access Rulebook.
The Directors accept responsibility for this announcement.
- end -
For further information, please contact:
Essentially Group Plc
Raja W Abuljebain, CEO Tel: +97156 6440676
https://essentiallyplc.com
AQSE Exchange Corporate Adviser
Alfred Henry Corporate Finance Ltd
Nick Michaels/Maya Klein Wassink Tel: +44 (0) 20 3772 0021
www.alfredhenry.com (http://www.alfredhenry.com/)
Broker
Clear Capital Markets Ltd
Andrew Blaylock Tel: +44 (0)20 3869 6082
https://clearcapitalmarkets.co.uk
About Essentially Group PLC
Essentially's mission and strategy is the acquisition, holding and development
of companies active in the health food and beverages market. Essentially's
wholly owned operating subsidiary in the United Arab Emirates ("UAE"),
Essentially Juices Manufacturing LLC ("EJM"), offers premium quality wellness
shots, functional juices, lemonades, nut milks, single origin fruit juices and
healthy protein snacks. EJM has a manufacturing facility in Dubai where the
beverages are produced and is active in the UAE and Kingdom of Saudi Arabia
fruit and vegetable juice market.
For more information on the Company please visit https://essentiallyplc.com/
(https://essentiallyplc.com/)
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