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
as it forms part of UK domestic law by virtue of
the European
Union (Withdrawal) Act 2018. Upon the publication of this
announcement via the Regulatory Information Service,
this inside information is now considered to be in the public
domain.
ESSENTIALLY GROUP
PLC
("Essentially" or "the Company'')
Acquisition of Best of Latin
Foodstuff Trading LLC
Essentially Group PLC (AQSE:ESSN) is
delighted to announce that its wholly owned subsidiary, Essentially
Holdings Limited, a company registered in
Abu Dhabi Global Market with company number 000005363
("EHL") has signed a share purchase
agreement for the acquisition of the entire share capital of Best
of Latin Foodstuff Trading LLC ("Best of Latin") from the sole
shareholder of Best of Latin, Catalina Oñate, for a total
consideration of £1,945,000 ("Share Purchase Agreement"). The
consideration is to be satisfied by the allotment and issue of
3,705,000 new ordinary shares of £0.001 each at a price of
£0.525.
The parties intend to appoint
Catalina Oñate as executive director to the Board of Essentially on
completion.
The acquisition is expected to
complete by Friday, 3 May 2024. There will be a 7.22% dilution to
existing Essentially shareholders.
Best of Latin is a trading company
that sources premium, ready-to-eat foodstuffs from growers and
exporters mainly in Latin America. Best of Latin caters to hotels,
cafés, and award-winning gourmet kitchens across the United Arab
Emirates.
We are confident that this
acquisition, when completed, will unlock significant value for our
shareholders by tripling Essentially's turnover, diversifying its
product portfolio and revenue streams, giving access to additional
market segments, allowing supplier consolidation, and resulting in
substantial operational synergies and scale
efficiencies.
This acquisition is in line with
Essentially's long-term acquisition strategy which is to identify
opportunities and businesses operating in the health and wellness
food & beverages sector with strong underlying fundamentals and
high growth potential.
Raja Abuljebain, CEO of
Essentially Group PLC, commented: "We are very excited about what this deal will
mean for the future of both Essentially and Best of Latin. We have
been very impressed by what the team at Best of Latin have already
achieved and believe that the business has immense potential, which
we hope to help them unlock."
Catalina Oñate, CEO of Best of
Latin, commented: "The
combination of ideas and synergies between like-minded
entrepreneurs can be super powerful; This is how we see the future
together with Essentially. The blend of ingredients from Latin
America combined with the expertise of Essentially in food
technologies will unlock a new era of clean label product
developments for the Middle East."
The Directors accept responsibility
for this announcement.
- end -
For
further information, please contact:
Essentially Group Plc
|
|
Raja W Abuljebain, CEO
|
Tel:
+97156 6440676
|
|
https://essentiallyplc.com
|
AQSE Exchange Corporate Adviser
|
|
Alfred Henry Corporate Finance Ltd
|
|
Nick Michaels/Maya Klein
Wassink
|
Tel: +44
(0) 20 3772 0021
|
|
www.alfredhenry.com
|
Broker
|
|
Clear Capital Markets Ltd
|
|
Andrew Blaylock
|
Tel: +44
(0)20 3869 6082
|
|
https://clearcapitalmarkets.co.uk
|
About Essentially Group PLC
Essentially's mission and strategy
is the acquisition, holding and development of companies active in
the health food and beverages market. Essentially's wholly
owned operating subsidiary in the United Arab Emirates ("UAE"),
Essentially Juices Manufacturing LLC ("EJM"), offers premium
quality wellness shots, functional juices, lemonades, nut milks,
single origin fruit juices and healthy protein snacks. EJM has a
manufacturing facility in Dubai where the beverages are produced
and is active in the UAE and Kingdom of Saudi Arabia fruit and
vegetable juice market.
For more information on the Company please visit
https://essentiallyplc.com/