Business
Related Party Transaction (Ai
Related Party Transaction (Ai.
About this update from Heavitree Brewery Plc
[{"type":"text","content":"\n RNS Number : 4578V Heavitree Brewery PLC 10 July 2009 \n \n\nThe Heavitree Brewery PLC (the 'Company')\nTrood Lane\nMatford\nExeter\nDevon\nEX2 8YP\n\nDate: 10 July 2009 \n \n\n\n\n\n\nContact: \n\n\nR.J. Glanville - Director and Company Secretary 01392 217733\n\n\n\n\n \n\n\nG.J. Crocker - Managing Director 01392 217733\n\n\n\n\n \n\n\nP. Keane - Nominated Advisor 020 7408 4090 \n\n\n\n\n\n\n\nRental agreement\n\nThe Company announces that it has entered into an agreement with Mrs. C.M. Wheatley, the wife of Mr. T. Wheatley, an executive director of the Company (the 'Related Party') for the rental to the Related Party of one of the Company's currently managed public houses, The Pen Inn, Newton Abbot, Devon (the 'Property'). The Property trades as a licensed public house and restaurant. The Property has been let to the Related Party on commercial terms under the Company's usual 'tie' agreement.\n\nAdjusted profits attributable to the Property, as reported in the year ended 31 October 2008, were £34,226. The Property is carried in the Company's accounts at an historical cost of £65,000 and is considered by the Directors to have a value of £1,400,000. The freehold of this property remains with the Company. Save for the usual purchase of the trading inventory the transaction does not involve a consideration payment by the Related Party. This transaction is in line with the Company's strategy of exiting the direct management of public houses. The house has been marketed for let since January 2009.\n\nThe transaction described above is a related party transaction pursuant to AIM Rule 13. The directors of the Company (with the exception of Mr. T. Wheatley), having consulted with its nominated adviser, Shore Capital and Corporate Limited, consider that the terms of the transactions described above are fair and reasonable insofar as its shareholders are concerned.\n\nEnds.\n\nISIN: GB0004182720 for 'A' Limited Voting Ordinary Shares\nISIN: GB0004182506 for Ordinary Shares\n\nThis information is provided by RNSThe company news service from the London Stock Exchange END MSCGRGDRLDBGGCG \n ","length":5537,"tagName":"div"}]