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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:4495P Emerging UK Investments Plc 28 July 2005 FOR IMMEDIATE RELEASE 28 July 2005 EMERGING UK INVESTMENTS PLC ("the Company" or "EUKI") Making of Convertible Loan and Related Party Transaction EUKI is pleased to announce that it has today agreed to make a convertible loan of #70,000 into Bfresh Limited (bfresh.co.uk). 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 100 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. This loan will be used for working capital purposes and should allow the company to have around 1,000 machines operating by the end of the year. The terms of the deal are that EUKI will receive an arrangement fee of 2% of the enlarged share capital of Bfresh plus interest of 10% per annum payable quarterly. The loan is convertible at a valuation of #1m. This deal provides EUKI with income. It also provides it with the opportunity to benefit from any possible uplift in the company upon exit. Bfresh is an attractive business in that it is cash generative and has already established a proven business model. The Directors of the Company also envisage that Bfresh would be an attractive acquisition for a larger service-orientated company. 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 the EUKI. Accordingly, the convertible loan is a Related Party Transaction under the AIM Rules. The Directors of the Company consider, having consulted with the Company's Nominated Adviser, 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 MSCEAKXPAENSEFE
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