Premier Veterinary Group PLC Issue of Warrants (8428W)

TIDMPVG

RNS Number : 8428W

Premier Veterinary Group PLC

23 April 2019

Premier Veterinary Group PLC

("PVG", the "Company" or the "Group")

Issue of Warrants

London, UK, 23 April 2019 - On 29 January 2019, Premier Veterinary Group PLC (LSE: PVG) announced it had entered into a secured loan of GBP3.85m with Bybrook Finance Solutions Limited ("BFSL" a company of which Rajan Uppal, a director of PVG, is the sole director and Shareholder).

Under its terms the loan, amongst other things, is repayable on 25 April 2019 with an option for PVG to extend the repayment date to 25 January 2021 by issuing warrants to subscribe for up to 767,347 new PVG ordinary shares of 10p each at an exercise price of 10p per share within 5 years of the issue of any such warrants.

Under arrangements between BFSL and Crossroads Finance limited ("Crossroads"), a company jointly owned and controlled by Dominic Tonner, Chief Executive Officer of PVG, and his spouse, Crossroads is entitled to receive 30% of any warrants issued to BFSL. Full details on these arrangements is set out in the announcement of 29 January 2019.

PVG confirms it has triggered the option to extend the loan with BFSL in accordance with its terms and that it has issued warrants directly to BFSL and Crossroads to subscribe for up to 767,347 new PVG ordinary shares of 10p each at an exercise price of 10p per share within the next 5 years. Subsequently, the repayment date of the loan facility entered in to on 25 January 2019 has been extended 25 January 2021.

As disclosed at the time of the reverse acquisition of Ark Therapeutics Group plc by Premier Vet Group Limited, which completed in February 2015, Mr Uppal, Mr Tonner and BFSL were deemed to be acting in concert for the purposes of the Takeover Code. Following the issue of the warrants, should the warrants be subsequently exercised, this may trigger the requirement for a mandatory offer to be made to all shareholders in PVG under Rule 9 of the Takeover Code.

For further information, please contact:

 
 Premier Veterinary Group           Tel: [phone] 
  plc 
  Dominic Tonner, Chief Executive 
  Officer 
  Andy Paull, Chief Financial 
  Officer 
 

The information contained within this announcement is deemed by the Company to constitute inside information stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.

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April 23, 2019 10:35 ET (14:35 GMT)