The Heavitree Brewery PLC
Trood Lane
Matford
Exeter EX2 8YP
Date: 7 December 2022
Contact: Graham Crocker - Managing Director - 01392 217733
Nicola McLean - Company Secretary - 01392 217733
Patrick Castle /Anita Ghanekar - Shore Capital - 0207 408 4052
Purchase and Cancellation of Own Shares
TVR Update
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"):
- 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.
- 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.
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.
The shares purchased by the Company pursuant to the Share Purchase will be cancelled.
Related Party Transaction
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 as the Company's shareholders are concerned.
Total Voting Rights
For the purposes of the Financial Services Authority's Disclosure and Transparency Rules ("DTR"), the Company notifies the market that following the cancellation of the above shares the Company's share capital will comprise:
1,844,699 Ordinary Shares of 5p which carry one vote for every £1 in nominal value:
and
3,182,478 'A' limited Voting Shares of 5p which carry one vote for every £10 in nominal value.
Heavitree does not have any shares in treasury and does not have any other class of shares with voting rights.
Consequently, following the cancellation, the number of Total Voting Rights will be 108,147 and this figure 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 Heavitree under the DTR.
Ends.
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