Electric Guitar PLC Related Party Transactions (6219R)

TIDMELEG

RNS Number : 6219R

Electric Guitar PLC

30 October 2023

30 October 2023

Electric Guitar PLC

("Electric Guitar" or the "Company")

Related Party Transactions

Electric Guitar PLC (LSE: ELEG) announces that on 5 May 2023, the Company entered into an agreement with Mymyne Ltd ("Mymyne"), for the provision of commercial due diligence services to the Company in connection with the proposed acquisition of a previous target which did not proceed, for a total fee of GBP40,000 plus VAT.

The Company entered a further agreement dated 19 August 2023 with Mymyne for the provision of commercial due diligence services to the Company in connection with the proposed reverse takeover of 3radical Limited (announced on 7 July 2023) for a monthly fee of GBP20,000 plus VAT (pro rated for part months). The total fee payable to Mymyne pursuant to this agreement was GBP55,000 plus VAT.

Both of these agreements with Mymyne constitute material related party transactions for the purposes of DTR 7.3 due to John Regan and John Hutchinson, both directors of the Company, being 36.9% and 9.5% shareholders of Mymyne, respectively. John Regan was also a director of Mymyne until 1 July 2023 when he resigned.

Accordingly, both of these agreements were voted upon by the Directors of the Company (excluding John Hutchinson and John Regan) and such i ndependent Directors consider the material related party transactions in respect of the agreements to be fair and reasonable from the perspective of the Company and its Shareholders.

For further information:

 
 
   Electric Guitar PLC 
   John Hutchinson 
   Chairman                                     01189 570 444 
 
 Axis Capital Markets                           020 3026 0320 
  (Corporate Broker)                          [e-mail] 
  Richard Hutchison 
 
   Yellow Jersey PR                   020 3004 9512 
   Sarah Hollins               [e-mail] 
   Annabelle Wills 
   Bessie Elliot 
 

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 [e-mail] or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

MSCVKLFLXBLBFBD

(END) Dow Jones Newswires

October 30, 2023 03:00 ET (07:00 GMT)