Business
Acquisition of Precious Link (UK) Limited
Acquisition of Precious Link (UK) Limited.
About this update from Everest Global Plc
[{"type":"text","content":"\n\n \n \n\n\n\n\n 18 December 2023 Everest Global plc(\"Everest\" or the \"Company\")Acquisition of Precious Link (UK) Limited, a UK wine retailerFollowing the announcement on 4 July 2023, whereby the Company entered into an agreement to provide a loan of £200,000 to Precious Link (UK) Limited (\"Precious Link\"), Everest is today pleased to announce that it has entered into a share purchase agreement (\"SPA\") with PI Distribution Investment Ltd, to acquire the entire issued share capital of Precious Link.Under the terms of the SPA, PI Distribution Investment Limited, a company incorporated and registered in the British Virgin Islands, has agreed to sell its wholly owned subsidiary, Precious Link, to Everest for a consideration of 12,500,000 new ordinary shares of £0.02 each in the issued share capital of Everest (\"Ordinary Shares\") at a value of 4 pence per Ordinary Share (being a premium of 23.08 per cent. compared to the closing middle market price of 3.25 pence per Ordinary Share on 15 December 2023), valuing the transaction at £500,000.Precious Link, a wine retailer incorporated and registered in England and Wales, consists of 2 retail liquor outlets in the Southeast of England. For the year ended 30 September 2022, Precious Link made a loss before tax of £35,057 on turnover of £692,985. For the same period net liabilities amounted to £533,631.The £200,000 loan between Precious Link and the Company will remain in force and the director of Precious Link will assign his loan of circa £0.5m, due to him from Precious Link, to the Company, as a condition of the SPA.As set out in the Company's prospectus dated 31 October 2023, the Company recently extended...