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John Barber completes share capital sale of Pals Leisure Group and Vered Plc
John Barber acted for the vendors on the sale to Regent Inns Plc of the entire issued share capital of Pals Leisure Group Ltd and Vered Plc for a consideration of approximately £2 million.
The deal was reported in the Financial Times on 12 July 2001. The consideration was satisfied as to approximately £1 million in cash and approximately £1 million in unsecured convertible Loan Notes. The Loan Notes carry interest at 4.975% p.a. and are convertible into 715966 Ordinary Shares in Regent Inns Plc at 138.60p per share, in 24 months' time, or otherwise redeemable at par on 31 October 2003.
The Pals Group consisted of two bar brasserie units in Ipswich and Croydon.
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