14th Aug 2015 06:57
LONDON (Alliance News) - Conviviality Retail PLC said that on Thursday it entered into a non-disposal undertaking with the current owners of Matthew Clark (Holdings) Ltd regarding the potential reverse takeover of Matthew Clark by Conviviality.
The off-license and convenience store chain, which owns the Bargain Booze and Thorougoods chains, said that pursuant to the undertaking, the sellers may not complete a disposal of Matthew Clark to a third-party buyer before September 4, and that it also contains break fee provisions under which Conviviality may be liable to pay GBP1 million if agreements to effect the acquisition are not signed within certain agreed parameters by the same date.
Similarly, the sellers Matthew Clark may also be liable to pay Conviviality an aggregate break fee of GBP1 million if they agree to sell Matthew Clark to a third-party buyer within 180 days of withdrawing from an agreed deal with the company.
Matthew Clark is a UK drinks distributor and is owned by Hertford Cellars Ltd and Punch Taverns (Finco) Ltd.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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