Business
Transaction in Own Shares
Transaction in Own Shares.
About this update from Heavitree Brewery Plc
[{"type":"text","content":"\n \n \n \n \n \n The Heavitree Brewery PLC\n \n \n Trood Lane\n \n \n Matford\n \n \n Exeter EX2 8YP\n \n \n \n \n \n Date: 7 December 2022 \n \n \n \n \n \n Contact: Graham Crocker - Managing Director - 01392 217733\n \n \n Nicola McLean - Company Secretary - 01392 217733\n \n \n Patrick Castle /Anita Ghanekar - Shore Capital - 0207 408 4052\n \n \n \n \n \n \n \n \n \n Purchase and Cancellation of Own Shares\n \n \n \n \n TVR Update\n \n \n \n \n \n \n \n \n \n \n \n The Heavitree Brewery PLC announces that on 6th December 2022 it has purchased its own shares from the Company's Employee Benefit Trust (\"EBT\"), as set out below (the \"Share Purchase\"):\n \n \n \n \n \n - \n 150,000 Ordinary Shares of 5p each at £2.90 (mid-market price on 6/12/22) per share representing 7.51% of the total number of Ordinary Shares in issue.\n \n \n \n \n \n - \n 100,000 'A' Limited Voting Shares of 5p each at £1.40 (mid-market price on 6/12/22) per share representing 3.04% of the total number of 'A' Limited Voting Shares in issue.\n \n \n \n \n \n The EBT's net proceeds from the Share Purchase, which amounts to £575,000, will be applied to repay debt of £635,386 which is owed to the Company by the EBT (the \"Debt Repayment\" and together with the Share Purchase (the \"Transaction\")). Following the Share Purchase, the EBT will hold 60,335 Ordinary Shares representing 3.27% of total Ordinary share in issue and 95,386 'A' Limited Voting Shares representing 2.99% of the total number of 'A' limited Voting Shares in issue. The outstanding balance post the Debt Repayment will be £60,386.\n \n \n \n \n \n The shares purchased by the Company pursuant to the Share Purchase will be cancelled.\n \n \n \n \n \n \n Related Party Transaction\n \n \n \n \n \n \n The EBT is a substantial shareholder under the AIM Rules for Companies (\"AIM Rules\") and therefore is deemed a related party of the Company under the AIM Rules. Accordingly, the Transaction constitutes a related party transaction under Rule 13 of the AIM Rules. As such, the directors of the Company consider, having consulted with the Company's nominated adviser, Shore Capital and Corporate Limited, that the terms of the Transaction are fair and reasonable insofar a...