VCT News
Beringea Receives Cash Offer for LFR from Premium Casual Dining Limited
19 October 2005 - Beringea, the international private equity firm, today announced the terms of a recommended cash offer from Premium Casual Dining Limited ("PCD") for portfolio company Loch Fyne Restaurants ("LFR"), a branded seafood restaurant chain. The Offer, for the entire issued and to be issued capital of LFR, which is wholly in cash, will be £10.00 for each LFR Share and values the entire existing issued share capital of LFR at approximately £21.8 million.
Whilst the terms have been agreed, completion of the deal is subject to shareholder approval at the EGM on 7th November 2005.
Beringea's ProVen VCT and ProVen Growth & Income VCT invested in LFR in May 2002 and currently hold around 10% of the equity in the company.
PCD was incorporated in England and Wales on 27 September 2005 specifically for the purpose of making the Offer. Following the Offer being declared wholly unconditional, the ordinary shares of PCD will be controlled by Hutton Collins Mezzanine Partners LP and the Management Team.
Jeremy Hardie, Chairman of LFR, commented: "The board of LFR considered a number of potential exit routes for shareholders. The independent directors believe that this offer is both fair and reasonable and we commend it to shareholders as not only the best option, but an excellent outcome."
Jeff Bocan, Investment Director at Beringea Limited, added: "We are delighted that the agreement has been reached for the sale of LFR. This will crystalise an excellent return for the ProVen VCTs which backed a strong management team with an established brand four years ago and we believe that the business will continue to thrive under PCD."
About Beringea
Beringea is an international venture capital firm with offices in London and Detroit. In the UK Beringea manages ProVen VCT, ProVen Health VCT, ProVen Growth & Income VCT and Global Rights Fund II. Beringea launched its first VCT in 1996, making it one of the most experienced VCT managers in the UK. ProVen Growth & Income and ProVen VCT are highest performing VCTs of their launch years, respectively, according to www.taxefficientreview.com. For more information please visit www.provenvcts.co.uk.