TIDMRBG
RNS Number : 2542R
Revolution Bars Group
26 June 2020
26 June 2020
THIS ANNOUNCEMENT AND THE INFORMATION IN IT, IS NOT FOR
PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN
WHOLE OR IN PART, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA,
NEW ZEALAND, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER
JURISDICTION WHERE TO DO SO MIGHT CONSTITUTE A VIOLATION OR BREACH
OF ANY APPLICABLE LAW OR REGULATION.
FURTHER, THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND
IS NOT AN OFFER OF SECURITIES IN ANY JURISDICTION.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF THE MARKET ABUSE REGULATION (EU) NO 596/2014, AS AMENDED.
Defined terms used in this announcement have the meanings given
to them in the Circular to shareholders dated 10 June 2020 (the
"Circular") unless the context provides otherwise.
For immediate release
REVOLUTION BARS GROUP PLC
(the "Company" or the "Group")
Result of General Meeting and Company Update
Revolution Bars Group plc, a leading UK operator of 74 premium
bars, trading under the 'Revolution' and 'Revolución de Cuba'
brands, is pleased to announce that at the General Meeting held
earlier today, all Resolutions were duly passed. Following the
successful passing of the Resolutions, the Group is also updating
the market on its reopening plans following the announcement from
the UK Government that pubs and restaurants can reopen from 4 July
2020.
A poll was conducted on each of the Resolutions proposed at the
General Meeting and the number of votes cast for and against each
of the Resolutions, and the number of votes withheld, are detailed
below:-
For Against Withheld* Total Votes
Cast
Special Resolution
-----------
1. To approve
the Delisting
and application
for AIM Admission
and to approve
amendments to
the Company's
articles of
association
principally
consequential
on AIM Admission 24,591,445 33,183 532 24,625,160
(99.86%) (0.13%) (0.00%)
----------- --------- ---------- -----------
Ordinary Resolution
-----------
2. To approve
the terms of,
and to authorise
the Directors
to allot the
New Ordinary
Shares pursuant
to, the Firm
Placing and
the Placing
and Open Offer 24,615,245 9,383 532 24,625,160
(99.96%) (0.04%) (0.00%)
----------- --------- ---------- -----------
Special Resolutions
-----------
3. To disapply
pre-emption
rights in connection
with the allotment
of the New Ordinary
Shares pursuant
to the Firm
Placing and
the Placing
and Open Offer 24,582,769 41,859 532 24,625,160
(99.83%) (0.17%) (0.00%)
----------- --------- ---------- -----------
4. To approve
further amendments
to the Company's
articles of
association
to permit the
holding of 'hybrid'
general meetings. 24,591,145 33,483 532 24,625,160
(99.86%) (0.14%) (0.00%)
----------- --------- ---------- -----------
(* A vote withheld is not a vote in law and is not counted in
the calcula ti on of the votes 'For' or 'Against' a resolution)
In accordance with Listing Rule 9.6.2R, a copy of the
Resolutions passed at the General Meeting will be submitted to the
National Storage Mechanism where it will shortly be available
at:
https://data.fca.org.uk/#/nsm/nationalstoragemechanism .
Following the passing of the Resolutions, the Company today
expects to make an application to cancel the admission of its
Existing Ordinary Shares to listing on the Official List (premium
segment) and to trading on the Main Market ("Delisting") and to
seek admission of the Existing Ordinary Shares and the New Ordinary
Shares to trading on AIM ("AIM Admission"). The Delisting is
expected to become effective at 8.00 a.m. on 27 July 2020 and AIM
Admission is expected to become effective at 8.00 a.m. on the same
date, 27 July 2020.
Company Update
Further to the UK Government's announcement that pubs and
restaurants can reopen from 4 July 2020, the Group's intention is
to reopen six of its bars on 6 July 2020 and trade these for a
minimum period of two weeks to fully test customer demand and
sentiment and to refine the Group's 'COVID-secure' operating
standards, minimising risk to both staff and customers. Following
this cautious recommencement of trading, the Group currently
expects to be able to continue reopening in weekly tranches of up
to 9 bars and hopes that by the end of August 2020, 62 out of 74
bars will have reopened. The Group's remaining bars may not reopen
until the UK Government permits late night venues to recommence
trading. This opening profile is broadly consistent with the
Group's base case scenario referred to in the announcement of the
Firm Placing and the Placing and Open Offer on 5 June 2020.
The safe return of our employees is of upmost importance to us
and, therefore, we have recently conducted a return to work survey.
Every responder has left additional comments to give further detail
on their concerns, and positively many of the concerns cited are
already covered in our COVID-Secure Operational Guidelines. 84% of
responders have said they intend to return to work and are happy to
do so subject to the Group providing appropriate safety measures;
only 0.5% of respondents are currently shielding. We have committed
to speak to every employee who has expressed concerns about his/her
return or who have personal circumstances he/she need to
discuss.
The Group expects its net bank debt at 27 June 2020, the end of
its current financial year, to be GBP22.0m. With GBP37.5m bank debt
facilities now in place (stepping down by GBP7.5m on 31 March 2021)
and GBP15.0m gross proceeds (GBP13.8m net of costs) from the
successful Fundraising set to be received on 27 July contingent on
the Group's admission to AIM, the Group has a significant amount of
cash liquidity and a strengthened balance sheet to overcome the
anticipated challenging trading conditions in the foreseeable
future.
Rob Pitcher, CEO, comments:
"I am delighted that the Company has received overwhelming
support from its shareholders for the proposed Fundraising and move
to AIM.
"I also enthusiastically welcome the UK Government's decision to
allow bars to reopen from the 4 July 2020. Given the all-day nature
of our business, we will proceed cautiously, initially reopening
only six of our bars to ensure that we can operate safely and
viably. We hope that the learnings from this first tranche of bar
reopenings will enable us to quickly progress the reopening of the
remainder of our estate, which we expect to have substantially
completed by the end of August."
For further information, please contact:
Revolution Bars Group plc Tel: 0161 330 3876
Rob Pitcher, CEO
Mike Foster, CFO
finnCap, Nominated Adviser and Joint Broker Tel: 020 7220 0500
Matt Goode / Simon Hicks / Teddy Whiley
(Corporate Finance)
Tim Redfern / Richard Chambers (ECM)
Peel Hunt, Joint Broker Tel: 020 7418 8900
George Sellar / Andrew Clark (Corporate
Finance)
Al Rae / Sohail Akbar (ECM)
Instinctif (Financial PR) Tel: 07831 379122
Matt Smallwood
Jack Devoy
The person responsible for arranging release of this
announcement on behalf of Revolution Bars Group plc is Mike Foster,
Chief Financial Officer.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
ROMEAFKKADSEEFA
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June 26, 2020 07:37 ET (11:37 GMT)
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