("British Honey", "BHC" or the "Company")
BHC completes share swap with US based,
Mutual investment follows successful Strategic Collaboration Agreement signed earlier this year
BHC has been trading with List for the past 12 months and has successfully launched a Florida Rum and a Bourbon in the
As a result of this deepening relationship between both parties, BHC is delighted to announce that on
Covid-19 and Current Trading
List has worked with BHC during the COVID-19 pandemic and devoted some of its production to the manufacture of alcohol-based hand sanitiser. BHC has introduced one of its hand sanitiser customers, OpenClean to List and they are now providing OpenClean with products for the US market.
BHC and List have experienced a strong sales surge during the last three months with sanitiser sales filling the spare production capacity of both companies. BHC achieved c.240% over its sales budget over the past 3 months and List c.250% over budget. Neither company expects this extraordinary growth to continue throughout the year as sales of hand sanitiser are expected to reduce as the pandemic retreats. Both companies remain committed to supplying the hospitality marketplace with sanitiser products and see it as providing a solid base of sales and a smoothing out the seasonal spikes in sales of spirits.
Terms of the Agreement
· Initially BHC will receive 10 per cent. of equity interest in List in exchange for 425,532 new ordinary shares (the "Issue") in the Company (being approximately
· List's Managers will need to obtain BHC's approval for major business decisions whilst BHC owns at least 8 per cent. of the issued share capital.
· BHC has appointed Andrew Oliver MBE, a
· The Agreement includes both a purchase option (the Purchase Option) and a cross option (the "Cross Option")
o The Purchase Option will give BHC the option (but not the obligation) to acquire the remaining equity of List for
o The Cross Option allows either party to unwind this Agreement prior to
· The Agreement gives exclusivity to both parties until the Long Stop Date.
Application has been made for 425,532 new Ordinary Shares to be admitted to the Aquis Exchange, which will rank pari passu with the Company's existing Ordinary Shares, and admission to trading is expected to be effective on
Following Admission of the new Ordinary Shares, the Company will have 9,525,462 Ordinary Shares in issue with each share carrying the right to one vote. This figure may be used by shareholders as the denominator for the calculations to determine if they are required to notify their interest in, or a change to their interest in, the Company under the
Commenting on the Agreement,
"BHC and List have been collaborating commercially for some time and with considerable success, not only in the development and sale of their respective premium spirits brands, but also, more recently with Alcohol Sanitiser, with
"This Agreement demonstrates the commitment on both sides to further develop corporate and cultural ties as well as continuing collaboration on the development of new products. List's extensive distribution network throughout
"This is a logical "next step" in developing the increasingly close relationship between the two businesses and I look forward to a mutually successful outcome."
"We are excited to take the next step to strengthen our relationship with BHC. I am convinced that this transaction will significantly accelerate
Commenting on the Agreement, Matthew Tuffee, CEO of OpenClean, added:
"The partnership between BHC and List ensures that we can meet the high demand for our refill cartridges and provides us with a quick response to distribute to our customers across the
The information communicated in this announcement is inside information for the purposes of Article 7 of Regulation 596/2014.
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Notes to Editors
Launched in 2014, BHC is famed for its award-winning fruit and honey infused spirits, marketed under the Keepr's brand. Many of the Keepr's spirits are infused with BHC's proprietary British Honey from its fully traceable apiaries. The impressive spirits range with seasonal lines spans eight gins, four vodkas, two rums, two bourbons and a whiskey which is scheduled for release later this year. All of BHC's spirits are distilled onsite in the company's specially customised Still under the watchful eye of international award-winning Master Distiller,
This information is provided by RNS, the news service of the