Naked Wines PLC Early redemption of Vendor Loan Note
February 12 2024 - 11:10AM
RNS Regulatory News
RNS Number : 8692C
Naked Wines PLC
12 February 2024
For Immediate Release
12 February 2024
Naked Wines
plc
("Naked" or the
"Company")
Early redemption of CF
Bacchus HoldCo Vendor Loan Note
The Company has agreed with CF
Bacchus HoldCo, the purchaser of Majestic Wine Warehouses Limited
("Majestic Wine"), the early redemption of the Vendor Loan Note
("VLN") received at the time of the sale of Majestic Wine in
December 2019 for £9m plus accrued interest of £0.1m.
The unaudited management reporting book value of
the VLN as of the end of January 2024 was £11.6m, resulting in an
accounting loss on disposal of c£2.5m.
The early redemption serves to
strengthen the group's liquidity position and provides an
additional lever for the group to balance liquidity and cost. The
group's net cash guidance for the full year remains £0-15m, with
the outcome within that range to be determined by performance
during the remaining trading periods and working capital
movements related to optimising relationships with external
stakeholders.
The loss on redemption of the VLN is
expected to be reported as an adjusted item in the group's full
year results.
For
further information, please contact:
|
Naked Wines plc
Rowan Gormley, Executive
Chairman
James Crawford, Chief Financial
Officer
|
ir@nakedwines.com
|
|
Investec
(NOMAD & Joint Corporate Broker)
David Flin / Ben Farrow
|
Tel: 0207 597 5970
|
|
Jefferies International Limited
(Joint Corporate Broker)
Ed Matthews / Harry Le May / Gill
O'Driscoll
|
Tel: 0207 029 8000
|
|
Instinctif Partners (PR Agency)
Damian Reece / Guy
Scarborough
|
Tel: 0207 457 2020
|
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END
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