Further to the announcement made on 9 July 2015 regarding the potential acquisition of Matthew Clark (Holdings) Limited, Conviviality Retail Plc has told us that on 13 August 2015, the Company entered into a non-disposal undertaking with the current owners of Matthew Clark, being Hertford Cellars Limited and Punch Taverns (Finco) Limited.
Pursuant to the Undertaking, the Sellers may not complete a disposal of Matthew Clark to a third party buyer before 4 September 2015. The Undertaking also contains break fee provisions under which the Company may be liable to pay a break fee of GBP1m if agreements to effect the Acquisition are not signed within certain agreed parameters by 4 September 2015 . The Sellers may be liable to pay the Company an aggregate break fee of GBP1m if they agree to sell Matthew Clark to a third party buyer within 180 days of withdrawing from an agreed deal with Conviviality.
Conviviality will provide shareholders with further updates in due course.
