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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Emerging Uk | LSE:EUI | London | Ordinary Share | GB00B03KMJ93 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 2.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:9100U Emerging UK Investments Plc 30 November 2005 30 November 2005 EMERGING UK INVESTMENTS PLC ("the Company" or "EUKI") Making of further Convertible Loan and Related Party Transaction EUKI is pleased to announce that it has today agreed to make a further convertible loan of #30,000 into Bfresh Limited (bfresh.co.uk) ("Bfresh"). Bfresh is a vending machine operator that owns and operates machines sited in gyms, express hotels and universities. It vends miniature toiletries consisting of a range of leading products including FCUK, Boots and John Frieda. Bfresh currently has 234 machines sited and has recently signed a five year agreement with Fitness First to install further machines across their estate. Bfresh's business model differs to many other vending machine operators in that it earns its income solely on the sale of products as opposed to charging clubs a fixed rental. This makes it attractive for clubs to install Bfresh's machines. Further Investment/Loan The loan is for the purposes of working capital in order that a previous agreement may be fulfilled more quickly; the original plan had been to install machines later in 2006 but this has now been brought forward. The further #30,000 investment made by EUKI is by way of a Loan Note, repayable within 4 months. The loan is convertible after four months at a valuation of #1m. After 4 months, a flat interest fee of #5k will be charged and also 1% of the enlarged equity of Bfresh will be allotted to EUKI as an arrangement fee. Should EUKI convert the Loan Note, then there is an option to subscribe for 3% of the issued share capital of Bfresh. EUKI and Leisure Ventures have each been awarded a debenture over the assets of Bfresh, to run concurrently with the Loan Note. This is a follow on investment to a previous investment in Bfresh which was announced on 28 July 2005. Disclosure under the AIM Rules in relation to the Related Party Transaction Lauren George, the founder, director and 95 % shareholder in Bfresh is also a 11.29 % shareholder in EUKI. Accordingly, the convertible loan is a Related Party Transaction under the AIM Rules. Renwick Haddow, a director of EUKI, is investing #50,000 under the same terms. Leisure Ventures PLC is, under the same terms, investing #30,000; Renwick Haddow is a Director of Leisure Ventures Plc and EUKI and so this is a Related Party Transaction under the AIM Rules with regard to Mr Haddow. The independent Directors of the Company - Andrew Moore and Richard Henstock, having consulted with the Company's Nominated Adviser, believe that the terms of the transaction are fair and reasonable insofar as the shareholders of the Company are concerned. Enquiries: Renwick Haddow Tel: 07966 130 182 Roland Cornish/Noelle Greenaway Tel: 0207 628 3396 Beaumont Cornish Limited This information is provided by RNS The company news service from the London Stock Exchange END MSCBMBTTMMTJBPA
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