Heavitree Brewery PLC Transaction in Own Shares (9105I)

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RNS Number : 9105I

Heavitree Brewery PLC

07 December 2022

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 6(th) 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 GBP2.90 (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 GBP1.40 (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 GBP575,000, will be applied to repay debt of GBP635,386 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 GBP60,386.

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 GBP1 in nominal value:

and

3,182,478 'A' limited Voting Shares of 5p which carry one vote for every GBP10 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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December 07, 2022 05:30 ET (10:30 GMT)