Silverwood Brands PLC Statement re. update on acquisition of Lush stake (7976S)
March 14 2023 - 3:00AM
UK Regulatory
TIDMSLWD
RNS Number : 7976S
Silverwood Brands PLC
14 March 2023
DATE: 14 March 2023
Silverwood Brands plc
("Silverwood" or the "Company")
Update on acquisition of stake in Lush Cosmetics Limited and
Cosmetic Warriors
Silverwood Brands plc announced on 12 December 2022 that it had
entered into a sale and purchase agreement in respect of a 19.8%
stake in each of Lush Cosmetics Limited and Cosmetic Warriors
Limited (together referred to as "Lush") for a total consideration
of approximately GBP216.8m, payable in Silverwood shares. The
Company further announced on 20 February 2023 that it had received
notification from Lush declining to record the transfers of the
Lush shares to the Company's wholly owned subsidiary, Cosmic
Circles Limited ("Cosmic Circles"), without reason. The Company
confirms that following that announcement, Lush has provided its
reasoning for declining to record the share transfers.
Silverwood rejects the reasons given by Lush management and,
alongside Cosmic Circles, it has instructed solicitors to take up
the issues with Lush. Silverwood is comfortable with its position
and will continue to take appropriate steps to protect its
interests. In the meantime, Silverwood would like to reiterate to
its shareholders that, pending the transfers being recorded, it
continues to hold contractual rights of control through an
agreement with Andrew Gerrie and Alison Hawksley in respect of the
Lush shares, including, but not limited to voting control and
participation in General Meetings, and receipt of dividends and
distributions.
Silverwood hopes that the Lush management team will focus on
building value for all Lush stakeholders, including minority
shareholders such as the Lush Employee Benefit Trusts.
Silverwood continues to invite a constructive and open dialogue
with the Lush management team so that all matters can be
resolved.
Lush is a manufacturer and seller of fresh handmade skincare
goods and cosmetic products operating retail outlets in 48
countries and manufacturing facilities in 6 nations. Lush is a
great British success story and Silverwood believes the brand has a
continued future ahead of it as an international leader in ethical
and sustainable business.
Ends
For more information, please contact:
Silverwood Brands plc
Paul Hodgins info@silverwoodbrands.com
--------------------------
VSA Capital - AQSE Corporate Adviser and
Broker +44(0)20 3005 5000
--------------------------
Andrew Raca, Simba Khatai, Alexander Cabral
(Corporate Finance)
--------------------------
Media enquiries:
Citigate Dewe Rogerson
Noémie de Andia, Caroline Merrell, silverwood@citigatedewerogerson.com
Zinka MacHale
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