Exclusivity agreement


 

TIDMPBR 
 
RNS Number : 7072U 
Premium Bars & Restaurants PLC 
29 June 2009 
 
PREMIUM BARS & RESTAURANTS PLC 
("PBR" or the "Company") 
 
 
Update 
 
 
 
 
PBR provides the following update in relation to the marketing and possible sale 
of the Company's business and/or some, or all, of the Company's assets and its 
short term funding arrangements. 
 
 
The Company announced on 3 April 2009 that its lending banks had agreed to make 
additional short term funding available to the Company for a period of up to 12 
weeks, ending on or before 26 June 2009. The term of this short term funding 
facility has been extended until 31 July 2009. 
 
 
On 29 June 2009 the Company entered into an exclusivity agreement with a 
potential purchaser of the Company's business or some, or all, of the Company's 
assets under which the Company has agreed, amongst other things, not to solicit 
further approaches from any other potential purchasers during the exclusivity 
period. The exclusivity period will expire on or before 31 July 2009. The 
potential purchaser has agreed to provide additional working capital to the 
Company during the exclusivity period. The additional working capital will be 
refunded to the potential purchaser by the Company's lending banks in the event 
that a transaction does not take place during the exclusivity period. 
 
 
The Board will continue to review contingency plans in the event that a sale 
cannot be achieved on suitable terms. 
 
 
Further updates will be made when appropriate. 
 
 
 
 
For further information please contact: 
 
 
Premium Bars & Restaurants plc                                           0161 
927 5020 
Charles Williamson - Executive Director 
Wayne Arthur - Finance Director 
 
 
Financial Dynamics 
  020 7831 3113 
Ben Foster 
 
 
KBC Peel Hunt (Nominated Adviser and Broker)                    020 7418 8900 
Capel Irwin 
Matt Goode 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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