logo-loader
RNS
viewReal Good Food PLC

Extension to Redemption Dates

/**/ link{ color: blue }visited{ color: #954F72 } .ad{size:595.0pt 842.0pt;margin:72.0pt 72.0pt 72.0pt 72.0pt;}div.ad{}p.bp{margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Calibri","sans-serif";font-weight: bold; margin-bottom: 11.0pt; margin-left: 0cm; margin-right: 0cm; margin-top: 11.0pt; text-align: center}span.bn{font-size:10.0pt;font-family:"Arial","sans-serif";color:black}p.bq{margin-right:0cm;margin-left:0cm;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify}span.br{font-size: 10.0pt;font-family:"Arial","sans-serif"}p.bs{margin-right:0cm;margin-left:0cm;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify}span.bt{font-family: "Arial","sans-serif"; font-size: 10.0pt; font-weight: bold}p.aa,li.aa,div.aa{margin-right:0cm;margin-left:0cm;font-size:12.0pt;font-family:"Times New Roman","serif";}span.w{} span.bi{font-size:10.0pt; font-family:"Arial","sans-serif";color:black}p.bu{margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Calibri","sans-serif";margin-top:11.0pt;margin-right:0cm;margin-bottom: 11.0pt;margin-left:0cm;text-align:justify}table.bv{width:474.75pt}td.bb{width:299.25pt;padding:0cm 0cm 0cm 0cm}p.bw{margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Calibri","sans-serif";font-weight: bold; margin-bottom: 11.0pt; margin-left: 0cm; margin-right: 0cm; margin-top: 11.0pt; text-align: justify}span.bg{font-size:10.0pt; font-family:"Arial","sans-serif"}p.bx{margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Calibri","sans-serif";margin-top:6.0pt;text-align:justify}span.be{font-size:10.0pt;font-family:"Arial","sans-serif"}p.by{margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Calibri","sans-serif";margin-top:6.0pt;margin-right:0cm;margin-bottom: 12.0pt;margin-left:0cm;text-align:justify}td.ba{width:153.75pt;padding:0cm 0cm 0cm 0cm} td.az{width:474.75pt;padding:0cm 0cm 0cm 0cm}table.bz{width:481.0pt;margin-left:-5.4pt;border-collapse:collapse}tr.aq{height:47.25pt}td.av{width:232.2pt;padding:0cm 5.4pt 0cm 5.4pt; height:47.25pt}p.ca{margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Calibri","sans-serif";font-weight: bold}span.ax{font-size:10.0pt;font-family:"Arial","sans-serif"; color:black}td.au{width:75.2pt;padding:0cm 5.4pt 0cm 5.4pt; height:47.25pt}td.as{width:64.2pt;padding:0cm 5.4pt 0cm 5.4pt; height:47.25pt}p.a,li.a,div.a{margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Calibri","sans-serif";}span.at{color:black} td.ar{width:66.2pt;padding:0cm 5.4pt 0cm 5.4pt; height:47.25pt}tr.ak{height:15.75pt}td.ap{width:232.2pt;padding:0cm 5.4pt 0cm 5.4pt; height:15.75pt}td.ao{width:75.2pt;padding:0cm 5.4pt 0cm 5.4pt; height:15.75pt}td.am{width:64.2pt;padding:0cm 5.4pt 0cm 5.4pt; height:15.75pt}p.cb{margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Calibri","sans-serif";text-align: right}td.al{width:66.2pt;padding:0cm 5.4pt 0cm 5.4pt; height:15.75pt}tr.af{height:16.15pt}td.aj{width:232.2pt;padding:0cm 5.4pt 0cm 5.4pt; height:16.15pt}td.ai{width:75.2pt;padding:0cm 5.4pt 0cm 5.4pt; height:16.15pt} td.ah{width:64.2pt;border-top:solid windowtext 1.0pt; border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none; padding:0cm 5.4pt 0cm 5.4pt;height:16.15pt}td.ag{width:66.2pt;padding:0cm 5.4pt 0cm 5.4pt; height:16.15pt} /**/
RNS Number : 6397I
Real Good Food PLC
12 August 2019
 

Real Good Food plc

("RGF" or the "Group")

Extension to Redemption Dates and Related Party Transactions

The Company announces today that, following negotiations with the Company's three major shareholders, NB. Ingredients Limited ("Napier Brown"), Omnicane International Investors Limited ("Omnicane"), and certain funds managed by Downing LLP ("Downing") (together the "Major Shareholders"), it has now finalised an amendment deed (the "Amendment Deed") relating to the funding agreements (the "Agreements") set out in the appendix to this announcement.

The Agreements have been amended such that the final repayment dates of each of the Agreements have been extended to 17 May 2021 (the "Final Repayment Date") with no change to the interest rate payable by the Company pursuant to each Agreement. As agreed in the Amendment Deed the Agreements will be subject to an additional 7.5 per cent. of principal redemption premium should any of the Agreements be repaid after 31 March 2020 therefore the principal redemption premium post 31 March 2020 will now be 15 per cent.

Related Party Transactions

As Napier Brown and Omnicane are substantial shareholders of the Company and Judith MacKenzie, a director of the Company, is also a Partner of Downing, the Amendment Deed is deemed to be a related party transaction pursuant to the AIM Rules for Companies.

The Board considers that by extending the final repayment date of the Agreements it substantially alleviates the pressure on the Company to source funding in order to repay the Agreements the repayment dates of which fall due, in the absence of this latest agreement, on 30 June 2020.  Hugh Cawley, Maribeth Keeling, Mike Holt, and Steve Dawson, the Independent Directors of the Company for this purpose, having consulted with the Company's Nominated Adviser, finnCap Ltd, consider the terms of the Amendment Deed to be fair and reasonable insofar as the Company's shareholders are concerned.

The information communicated in this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

 -ENDS-

Enquiries:

Real Good Food plc

Hugh Cawley, Chief Executive

Maribeth Keeling, Chief Financial Officer

Tel: 0151 541 3790

 

 

finnCap Limited (Nomad and Broker)

Matt Goode / Carl Holmes / James Thompson (Corporate Finance)

Tel: 020 7220 0500

 

 

MHP Communications (Financial PR) 

Reg Hoare / Katie Hunt

Tel: 020 3128 8100

[email protected]

About Real Good Food

Real Good Food plc is a diversified food business serving a number of market sectors including retail, manufacturing, wholesale and export.  The Company now focuses on two markets: Cake Decoration (Renshaw and Rainbow Dust Colours) and Food Ingredients (Brighter Foods).

Agreement

Counterparty

Loan Principal (£)

Redemption Date

Downing first Loan Note Instrument

Downing

7,254,277

30 Jun 2020

Napier Brown First Loan Agreement

Napier Brown

2,000,000

30 Jun 2020

Omnicane First Loan Agreement

Omnicane

2,000,000

30 Jun 2020

Napier Brown Unsecured Loan Agreement

Napier Brown

1,000,000

30 Jun 2020

Omnicane Unsecured Loan Agreement

Omnicane

1,000,000

30 Jun 2020

Downing Chattel Loan Agreement

Downing

900,000

30 Jun 2020

Downing Chattel Loan Agreement

Downing

433,333

30 Jun 2020

Napier Brown Chattel Loan Agreement

Napier Brown

900,000

30 Jun 2020

Napier Brown Chattel Loan Agreement

Napier Brown

433,333

30 Jun 2020

Omnicane Chattel Loan Agreement

Omnicane

500,000

30 Jun 2020

Omnicane Chattel Loan Agreement

Omnicane

500,000

30 Jun 2020

Omnicane Chattel Loan Agreement

Omnicane

333,333

30 Jun 2020

Unsecured Loan Note Instrument

Napier Brown

1,285,000

30 Jun 2020

Unsecured Loan Note Instrument

Omnicane

1,285,000

30 Jun 2020

Unsecured Loan Note Instrument

Downing

151,571

30 Jun 2020

Unsecured Loan Note Instrument

Downing

169,722

30 Jun 2020

Unsecured Loan Note Instrument

Downing

108,707

30 Jun 2020

Unsecured B Loan Note Instrument

Napier Brown

856,666

30 Jun 2020

Unsecured B Loan Note Instrument

Napier Brown

856,666

30 Jun 2020

Unsecured B Loan Note Instrument

Omnicane

856,666

30 Jun 2020

Unsecured B Loan Note Instrument

Omnicane

856,666

30 Jun 2020

Unsecured B Loan Note Instrument

Downing

286,668

30 Jun 2020

Unsecured B Loan Note Instrument

Downing

286,668

30 Jun 2020

 

TOTAL

24,254,276

 

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
END
 
 
MSCMMGMRMMNGLZZ

Quick facts: Real Good Food PLC

Price: 6.625

Market: LSE
Market Cap: £6.6 m
Follow

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE