Marks Electrical Group plc Related Party Transaction (7478G)
November 17 2022 - 3:30AM
UK Regulatory
TIDMMRK
RNS Number : 7478G
Marks Electrical Group plc
17 November 2022
17 November 2022
Marks Electrical Group plc
("Marks Electrical" or "Company")
Related Party Transaction
The Company confirms that its wholly owned subsidiary, Marks
Electrical Limited ("MEL") settled a net cash payment of
GBP153,420.04 on 16 November 2022, to Mark Smithson (CEO) in
relation to previously disclosed historical arrangements. The
payment is subject to PAYE and NIC taxes resulting in a total
outflow of GBP336,162.43.
This final transaction brings to a close the aforementioned
historical arrangements as outlined in the Company's Admission
Document at the time of its IPO. There is no financial impact on
the Company or its current trading given that these balances were
already provided for on the Balance Sheet at the year ended 31
March 2022, and fully disclosed in the related party transaction
note within the financial statements. Further details of this
arrangement are described in the Admission Document, dated 5
November 2021.
Related party transactions
Given Mark Smithson's position as a Director and substantial
shareholder of the Company, the settlement to Mark Smithson is
deemed to be a related party transaction pursuant to AIM Rule 13 of
the AIM Rules for Companies.
Under the AIM Rules, where a company enters into a related party
transaction, the independent directors of that company are
required, after consulting with the company's nominated adviser, to
state whether, in their opinion, the transaction is fair and
reasonable in so far as its shareholders are concerned.
The Independent Directors, being Marnie Millard, David Wilkinson
and Aly Fadil, have considered the terms of the settlement and
having consulted with Panmure Gordon, the Company's nominated
adviser, the Independent Directors of the Company believe that the
terms of the settlement are fair and reasonable in so far as the
Company's shareholders are concerned.
Enquiries:
Marks Electrical Group plc Via Dentons Global Advisors:
Mark Smithson, CEO Tel: +44 (0)20 7664 5095
Josh Egan, CFO
Dentons Global Advisors (Financial PR)
Jonathon Brill / James Styles / Fern Duncan
Tel: +44 (0)20 7664 5095
markselectrical@dentonsglobaladvisors.com
Panmure Gordon (NOMAD and Joint Broker)
Oliver Cardigan / Dougie McLeod (Corporate Finance) Tel: +44 (0)
207 886 2500
Erik Anderson (Corporate Broking)
Berenberg (Joint Broker)
Matthew Armitt / Michelle Wilson / Richard Bootle (UK Investment
Banking) Tel: +44 (0) 20 3207 7800
About Marks Electrical
Marks Electrical is a fast growing, highly scalable, technology
driven e-commerce electricals retailer which sells, delivers,
installs and recycles a wide range of household electrical
products. The Group was founded in Leicester in 1987 by Mark
Smithson and has scaled up into a nationwide online retailer with a
compelling growth track record, thanks to its vertically
integrated, low-cost, high-quality operating model, supported by
the ongoing structural shift of consumers to purchase online. The
Group operates within the UK Major Domestic Appliances (MDA) and
Consumer Electronics (CE) market, estimated to be worth
approximately GBP8.0 billion.
Primarily through its simple, clear and intuitive website -
markselectrical.co.uk - the Group offers over 4,000 products from
over 50 leading brands across its main product categories, which
include Cooking, Refrigeration, Washers & Dryers, Dishwashers
and Audio-Visual. These products are sourced from UK distributors
of the brands, with whom the Group maintains strong and direct
relationships. Marks Electrical delivers direct to customers in its
owned and branded vehicles, operated by the Group's skilled team of
delivery drivers, who are also able to offer installation and
recycling services.
For further information, visit the Marks Electrical corporate
website: https://group.markselectrical.co.uk and its retail
website: https://markselectrical.co.uk/ .
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END
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