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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Maypole Group | LSE:MPG | London | Ordinary Share | GB0034318898 | ORD 0.3P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.45 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:1442P Maypole Group plc 03 March 2008 3 March 2008 Maypole Group plc ("Maypole") Acquisition, Issue of Loan Notes and Trading Update Acquisition Maypole, the AIM quoted UK countryside hotels with restaurants group, today announces that it has entered into an agreement with Punch Taverns plc ("Punch") to acquire a leasehold interest in the Pear Tree Inn located near Melksham, Wiltshire. The consideration for the Pear Tree will be satisfied through Maypole's existing bank facilities and constitutes a payment of £305,000 broken down into £70,000 for fixtures & fittings and £235,000 premium. The lease will run for 15 years from the date of completion and is renewable under the Landlord and Tenant Act. The Pear Tree is a 16th Century detached building set in 4 acres of grounds in the picturesque village of Whitley, near Melksham, within easy access of the M4 and well situated for visits to numerous West Country attractions including the Cotswolds, Longleat, Blenheim Palace, Bath and Stonehenge. The bar area can seat around 30 people while the restaurant has space for 80 covers. Outside there is a court yard that can seat a further 100 people. The hotel has eight five star AA letting rooms with space available for the addition of up to six additional letting rooms. Simon Bentley, Chairman of Maypole Group plc commented: "We are delighted with the agreement to lease The Pear Tree and see many exciting opportunities ahead for the business. The addition of The Pear Tree to our existing stable of restaurants and hotels brings us up to 7 properties and is further evidence of the Company's ambition and development plans." Neil Griffiths, Group Property & Development Director of Punch Taverns plc commented: "The agreement demonstrates our continued commitment to building the pre-eminent pub estate in the UK. The Pear Tree already has a strong reputation for delivering outstanding food in superb surroundings. We are pleased to have entered into an agreement with Maypole Group plc which we are confident will further develop the site's potential." Loan Arrangements On 15th February 2008 Maypole issued a further £100,000 of the £675,000 15% unsecured subordinated loan notes that were created in January 2007 bringing the total of such loan notes in issue to £265,000. These notes are redeemable on 28th February 2009 at par. No application will be made to admit these loan notes for trading on any exchange. Pursuant to an unsecured loan agreement dated 28th February 2008 Maypole has borrowed £200,000. The loan is repayable on or before 31st May 2008 and carries an interest rate of 15% per annum. Trading Update Maypole provides the following update ahead of the release of its preliminary results for the year ended 31 December 2007. After reporting a pre-tax loss of £407.842 at the interim stage (which included an exceptional cost of £257,913), the Directors expect these losses to be substantially reduced for the year as a whole as a consequence of the Company producing a pre-tax profit during the second half of the year ended 31 December 2007. The Board remains confident that Maypole is well positioned to deliver continued growth through its existing units and the addition of further units through acquisition. The Company looks forward to providing further details of its trading performance at the time of its preliminary results announcement, which is expected to be released in May 2008. -Ends- Contacts Maypole Group plc 020 7440 7021 Simon Bentley - Chairman Blomfield Corporate Finance Ltd 020 7512 0191 Alan MacKenzie / Ben Jeynes Weber Shandwick Financial 020 7067 0700 Nick Dibden / James White This information is provided by RNS The company news service from the London Stock Exchange END TSTVKLFLVLBFBBZ
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