Everest Global Plc Acquisition of Precious Link (UK) Limited

 
TIDMEVST 
 
18 December 
2023 
 
 
Everest Global plc 
 
("Everest" or the "Company") 
 
Acquisition of Precious Link (UK) Limited, a UK wine retailer 
 
Following the announcement on 4 July 2023, whereby the Company entered into an 
agreement to provide a loan of £200,000 to Precious Link (UK) Limited ("Precious 
Link"), Everest is today pleased to announce that it has entered into a share 
purchase agreement ("SPA") with PI Distribution Investment Ltd, to acquire the 
entire issued share capital of Precious Link. 
 
Under the terms of the SPA, PI Distribution Investment Limited, a company 
incorporated and registered in the British Virgin Islands, has agreed to sell 
its wholly owned subsidiary, Precious Link, to Everest for a consideration of 
12,500,000 new ordinary shares of £0.02 each in the issued share capital of 
Everest ("Ordinary Shares") at a value of 4 pence per Ordinary Share (being a 
premium of 23.08 per cent. compared to the closing middle market price of 3.25 
pence per Ordinary Share on 15 December 2023), valuing the transaction at 
£500,000. 
 
Precious Link, a wine retailer incorporated and registered in England and Wales, 
consists of 2 retail liquor outlets in the Southeast of England. For the year 
ended 30 September 2022, Precious Link made a loss before tax of £35,057 on 
turnover of £692,985. For the same period net liabilities amounted to £533,631. 
 
The £200,000 loan between Precious Link and the Company will remain in force and 
the director of Precious Link will assign his loan of circa £0.5m, due to him 
from Precious Link, to the Company, as a condition of the SPA. 
 
As set out in the Company's prospectus dated 31 October 2023, the Company 
recently extended its acquisition strategy to cover the wider food and beverage 
industry with a focus on the beverage distribution and production sector in the 
UK and the rest of Europe. The Directors of the Company believe that the 
acquisition of Precious Link will provide an entry into the beverage industry 
and allow it to access industry know-how and expertise. The Company believes 
Precious Link operates in a complementary sector and the acquisition will pave 
the way in expanding its activities into the wider food and beverage sector. 
 
Completion of the acquisition remains subject to a number of conditions 
("Completion"). Once such conditions are satisfied or waived by the Company (in 
its sole discretion), the 12,500,000 new Ordinary Shares will be issued to PI 
Distribution Investment Ltd., following which the Company intends to apply to 
the Financial Conduct Authority ("FCA") for such new Ordinary Shares to be 
admitted to the Official List of the FCA (by way of a standard listing under 
Chapter 14 of the listing rules published by the FCA under section 73A of the 
FSMA as amended from time to time) and to the London Stock Exchange Group plc 
("London Stock Exchange") for such Ordinary Shares to be admitted to trading on 
the London Stock Exchange's main market for listed securities. 
 
The Company will make a further announcement confirming Completion and the issue 
of the 12,500,000 new Ordinary Shares in due course. 
 
Following Completion and the issue of the 12,500,0000 new Ordinary Shares the 
total number of Ordinary Shares in issue with voting rights in the Company will 
be 77,388,855 ("Total Voting Rights"). No shares are held in treasury. The Total 
Voting Rights figure may then be used by shareholders as the denominator for the 
calculation by which they may determine if they are required to notify their 
interest in, or a change to their interest in, the Company under the FCA's 
Disclosure Guidance and Transparency Rules. 
 
This announcement contains inside information for the purposes of Article 7 of 
EU Regulation 596/2014 (which forms part of domestic UK law pursuant to the 
European Union (Withdrawal) Act 2018). 
 
The Directors of the Company take responsibility for the contents of this 
announcement. 
 
For further information please contact the following: 
 
Everest Global plc 
 
Andy Sui, Chief Executive Officer  +44 (0) 776 775 1787 
 
Rob Scott, Non-Executive Director  +27 (0)846006 001 
 
Cairn Financial Advisers LLP 
Jo Turner / Emily Staples          +44 (0) 20 7213 0885 / +44 (0)20 7213 0897 
 
Caution regarding forward looking statements 
 
Certain statements in this announcement, are, or may be deemed to be, forward 
looking statements. Forward looking statements are identi?ed by their use of 
terms and phrases such as "believe", "could", "should" "envisage", 
"estimate", "intend", "may", "plan", "potentially", "expect", "will" 
or the negative of those, variations or comparable expressions, including 
references to assumptions. These forward-looking statements are not based on 
historical facts but rather on the Directors' current expectations and 
assumptions regarding the Company's future growth, results of operations, 
performance, future capital and other expenditures (including the amount, nature 
and sources of funding thereof), competitive advantages, business prospects and 
opportunities. Such forward looking statements re?ect the Directors' current 
beliefs and assumptions and are based on information currently available to the 
Directors. 
 
 
This information was brought to you by Cision http://news.cision.com 
https://news.cision.com/everest-global-plc/r/acquisition-of-precious-link--uk--limited,c3895093 
 
 
END
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