LONDON, UK: Everest Global Plc has entered into a share purchase agreement (SPA) with PI Distribution Investment Ltd, to acquire the entire issued share capital of Precious Link.

Under the terms of the SPA, PI Distribution Investment Limited, a company incorporated and registered in the British Virgin Islands, has agreed to sell its wholly owned subsidiary, Precious Link, to Everest for a consideration of 12,500,000 new ordinary shares of £0.02 each in the issued share capital of Everest global at a value of 4 pence per Ordinary Share (being a premium of 23.08 per cent. compared to the closing middle market price of 3.25 pence per Ordinary Share on 15 December 2023), valuing the transaction at £500,000.

Precious Link, a wine retailer incorporated and registered in England and Wales, consists of 2 retail liquor outlets in the Southeast of England. For the year ended 30 September 2022, Precious Link made a loss before tax of £35,057 on turnover of £692,985. For the same period net liabilities amounted to £533,631.

The £200,000 loan between Precious Link and the Company will remain in force and the director of Precious Link will assign his loan of circa £0.5m, due to him from Precious Link, to the Company, as a condition of the SPA.

As set out in the Company’s prospectus dated 31 October 2023, the Company recently extended its acquisition strategy to cover the wider food and beverage industry with a focus on the beverage distribution and production sector in the UK and the rest of Europe. The Directors of the Company believe that the acquisition of Precious Link will provide an entry into the beverage industry and allow it to access industry know-how and expertise. The Company believes Precious Link operates in a complementary sector and the acquisition will pave the way in expanding its activities into the wider food and beverage sector.

The Company will make a further announcement confirming Completion and the issue of the 12,500,000 new Ordinary Shares in due course.

Following Completion and the issue of the 12,500,0000 new Ordinary Shares the total number of Ordinary Shares in issue with voting rights in the Company will be 77,388,855 (“Total Voting Rights”). No shares are held in treasury. The Total Voting Rights figure may then be used by shareholders as the denominator for the calculation by which they may determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA’s Disclosure Guidance and Transparency Rules.

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