Eclectic, the premium bars operators, has announced that in connection with the subscriptions announced on 15 June, all resolutions put to shareholders at the company’s Extraordinary General Meeting held yesterday were duly passed.
Following the passing of the resolutions at the Extraordinary General Meeting, 3.3 million new Ordinary Shares have been allotted to new executive chairman Luke Johnson, Reuben Harley and John Smith, conditional upon the admission of such Ordinary Shares to trading on AIM.
It is expected that settlement will occur, admission to trading on AIM will become effective and dealings will commence in respect of all new Ordinary Shares at 8am on 3 August 2015.
Following admission, Johnson will be beneficially interested in 3,000,000 Ordinary Shares, representing approximately 18.5% of the issued share capital of the Company as enlarged by the Subscriptions, Reuben Harley will be beneficially interested in 2,006,920 Ordinary Shares, representing approximately 12.4% of the issued share capital of the Company as enlarged by the Subscriptions, and John Smith will be beneficially interested in 1,253,719 Ordinary Shares, representing approximately 7.7% of the issued share capital of the Company as enlarged by the Subscriptions.
Eclectic also announced that Paul Viner has been appointed to the board as a non-executive director and chairman of its Audit Committee with immediate effect.
Viner worked with Johnson as chief financial officer of Giraffe and played a ky part in its sale to Tesco for c£50m. He currently holds a number of board positions including as chief executive of the Johnson-backed Feng Sushi, as well being a non-executive director in the bingo and arts and culture sectors.
Johnson said: “I am delighted that shareholders have supported my appointment and the consequent subscriptions by the executive team. The monies raised will put the company on a firmer footing and enable us to begin the task of returning Eclectic to growth.
“We are pleased to welcome Paul Viner to the board. He is an experienced leisure industry director, particularly in small, growing companies. His knowledge and expertise will be invaluable to the team and the board.”
