LONDON: S-Ventures PLC has acquired a 75.1% interest in We Love Purely Limited through the issue of 1.529 million ordinary shares in S-Ventures, equating to approximately £137,600 at a price of 9p per share, to the shareholders of Purely along with a cash payment of £30,000 to repay an outstanding Purely shareholder loan.
Purely is a healthy snacking brand, offering a premium plantain crisp product, Purely Plantain Chips, in the UK and certain international markets.
Purely has made in-roads into prestigious clients including Harrods, Selfridges, Harvey Nichols, Ocado, Holland and Barrett, Spinneys in Dubai, and The Craft Gin Club. www.welovepurely.com
Under the umbrella of S-Ventures, Purely will look to develop the brand’s product range as well as continue to grow its existing product lines.
The existing Purely team will remain in place and we welcome Stefania Pellegrino and Mark O’Sullivan to the group. Stefania will remain MD of Purely.
Stefania brings passion and relentless energy to the brand and we look forward to supporting her on her journey and utilising the many synergies that will emerge across the S-Ventures group. Mark will remain on the Purely subsidiary Board.
Chairman David Mitchell commented, “We are delighted to have acquired our stake in Purely and we very much look forward to working with Stefania and her team. Stefania has achieved great results but together we believe we can grow faster and exploit opportunities more effectively in the healthy snacking space”.
Scott Livingston, CEO, held 40,846 shares of Purely, his wife held 1,900 shares. Robert Hewitt, Chief Financial Officer, held 3,000 shares in Purely. Together their shares represented 28.2% of the issued shares in Purely. The transaction therefore constitutes a related party transaction.
Following the issue of the 1,529,267 ordinary shares referred to above, the Company will have 75,919,267 ordinary shares in issue. Scott Livingston’s beneficial interest in the shares of the Company will reduce to 57.6% from 58.1%. Robert Hewitt’s beneficial interest in the shares of the Company will reduce to 2.93% from 2.94%.
The above figure of 75,919,267 Ordinary Shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Financial Conduct Authority’s Disclosure and Transparency Rules.