Everest Global Plc Exercise of option for the sale of Dynamic Intertrade (Pty) Ltd

 
TIDMEVST 
 
17 January 
2024 
 
 
Everest Global plc 
 
("Everest" or the "Company") 
 
Exercise of option for the sale of the remaining 51% shares owned in Dynamic 
Intertrade (Pty) Ltd ("Dynamic") 
 
The Company is pleased to announce that the Company and K2 Spice Limited 
("previously VSA NEX Investments Limited") ("K2") have extended the exercise 
period of the put and call option agreement ("Option Agreement"), that was 
detailed in the Annual Financial Statements for the year ending October 2022 and 
announced on 27 July 2023, from 31 December 2023 to 31 January 2024 and the 
option was exercised by K2 Spice Limited on 16 January 2024. 
 
In October 2022, K2 subscribed for such number of new shares in the capital of 
Dynamic resulting in K2 holding 49% of the enlarged issued share capital of 
Dynamic for a consideration of ZAR10,982, with the Company retaining the 
remaining 51%. The Company also agreed to assign certain debts owing by Dynamic, 
amounting to £4.2 million which had been fully impaired in prior years, to the 
Company and certain other parties to K2 in consideration for K2 paying to the 
Company £100,001 and agreeing to fund Dynamic so as to enable Dynamic to carry 
on its business in the ordinary course until such time as the Company ceased to 
hold any further shares in Dynamic. This assignment agreement resulted in K2 
having a non-controlling interest in Dynamic and Dynamic was consolidated as 
such. 
 
At the same time, the Company and K2 also entered into the Option Agreement 
which was extended by mutual agreement and exercised on 16 January 2024. Under 
the Option Agreement the Company granted to K2 the option to acquire 11,430 
shares in Dynamic, being the remaining 51% of Dynamic held by the Company, 
subject to the satisfaction of certain conditions and subject to certain time 
restrictions, for £1. At 31 October 2023 Dynamic was still controlled by Everest 
Global and will be consolidated in the group financial statements for that year. 
 
At the time the above arrangements were entered into, due to Andrew Monk being a 
director of the Company, VSA Capital and K2 at the time, K2 was deemed to be a 
related party of the Company and therefore such agreements were deemed to be 
related party transactions for the purposes of Rule 7.3 of the 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 
 
 
This information was brought to you by Cision http://news.cision.com 
https://news.cision.com/everest-global-plc/r/exercise-of-option-for-the-sale-of-dynamic-intertrade--pty--ltd,c3910724 
 
 
END

(END) Dow Jones Newswires

January 17, 2024 02:00 ET (07:00 GMT)

Everest Global (LSE:EVST)
Historical Stock Chart
From Apr 2024 to May 2024