26th Apr 2016 11:48
LONDON (Alliance News) - Eclectic Bar Group PLC on Tuesday said is shareholders have approved its recent placing, acquisition and name change and said it chief executive will step down on Wednesday.
Eclectic earlier this month agreed to buy The Brighton Marine Palace & Pier Co, which owns and operates Brighton Pier, for GBP18.0 million in cash in a reverse takeover.
As part of the deal, Eclectic will change its name to The Brighton Pier Group PLC, effective from the start of trade on Wednesday.
Eclectic also said Reuben Harley, its chief executive, will step down on Wednesday, a move flagged when the acquisition was announced. He will remain with the business until the end of May to ensure an orderly handover of the bars business to Leigh Nicolson, who will become managing director of its bars business.
Eclectic shares were up 3.5% to 103.00 pence on Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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