14th August 2008 - Notification of Major Interests in Shares
Notifications of Major Interests in Shares
1. Identi...
4th August 2008-Issue of Convertible Loan Notes and International Agreement
Coffee Republic Plc (“Coffee Republic” or the “Company”...
9th July 2008 - Directorate Change
9 July 2008
Coffee Republic Plc
Directorate C...
6th June 2008 - Issue of Convertible Loan Notes.
6 June 2008
Coffee Republic Plc (“Coffee Republic”...
1st May 2008 - Issue of Loan Notes and Strategy for Company owned stores
Issue of Convertible Loan Notes and strategy to invest...
21 April 2008 - International Franchise Agreement Saudi Arabia
Coffee Republic Plc
21 April 2008
Coffee Republic P...
12 February 2008 - Grant of Director Share Options
Coffee Republic PLC
12 February 2008...
21 January 2008-Coffee Republic signs Kuwait Master Franchise
Coffee Republic PLC
21 January 2008
Coffee...
18th December 2007 - Cineworld UK Deal
Coffee Republic PLC
18 December 2007...
25 October 2007 - Coffee Republic to open 25 café concessions in Scotland
Coffee Republic PLC
25 October 2007
Coffee Repu...
12 October 2007 - Mercia RDF Announcement
Coffee Republic PLC
12 October 2007
Regional Develo...
28 September 2007 - Total Voting Rights
Coffee Republic PLC
28 September 2007...
26 September 2007 - AGM Statement
Coffee Republic PLC
26 September 2007
Coffee...
24 September 2007 - International Franchise Agreement
Coffee Republic PLC
24 September 2007
Internati...
21 September 2007 - Issue of Equity
Coffee Republic PLC
21 September 2007
Cof...
21 September 2007 - Directorate Change
Coffee Republic PLC
21 September 2007
Coffee Re...
11 September 2007 - Notifiable Interest
Coffee Republic PLC
11 September 2007...
31 August 2007 - Total Voting Rights
Coffee Republic PLC
31 August 2007
Coffee Republi...
24 August 2007 - Notifiable Interest
Coffee Republic PLC
24 August 2007
Coffee Republic...
21 August 2007 - Annual Report & Accounts
Coffee Republic PLC
21 August 2007...
21 August 2007 - Notifiable Interest
Coffee Republic PLC
21 August 2007...
21 August 2007 - Notifiable Interest
Coffee Republic PLC
21 August 2007...
17 August 2007 - AIM Rule 26 & Name Change
Coffee Republic PLC
17 August 2007
Coffee Republi...
13 August 2007 - Notifiable Interest
Coffee Republic PLC
13 August 2007...
09 August 2007 - Franchise Agreement
Coffee Republic PLC
09 August 2007...
31 July 2007 - Director/PDMR Shareholding
Coffee Republic PLC
31 July 2007
Coffee Republic...
30 July 2007 - Preliminary Results
Coffee Republic PLC
30 July 2007
Coffee Republic...
29 June 2007 - Total Voting Rights
Coffee Republic PLC
29 June 2007
Coffee Republic...
28 June 2007 - Franchise agreements
Coffee Republic PLC
28 June 2007
Coffee Republic...
12 June 2007 - Share Placing
Coffee Republic PLC
12 June 2007
Coffee Republic...
01 June 2007 - Franchise Agreement
Coffee Republic PLC
01 June 2007
Coffee Republic...
18 May 2007 - Franchise Agreement
Coffee Republic PLC
18 May 2007
Coffee Republic P...
15 May 2007 - Franchise Agreement
Coffee Republic PLC
15 May 2007
Coffee Republic P...
10 May 2007 - Franchise Agreement
Coffee Republic PLC
10 May 2007
Coffee Republic P...
09 May 2007 - Directorate Change
Coffee Republic PLC
09 May 2007
For Immediate Rel...
02 May 2007 - Total Voting Rights
Coffee Republic PLC
02 May 2007
2 May 2007
Coffe...
27 April 2007 - Result of Open Offer
Coffee Republic PLC
27 April 2007
27 April 2007...
10 April 2007 - Holding(s) in Company
Coffee Republic PLC
10 April 2007
10 April 2007...
02 April 2007 - Open Offer
Coffee Republic PLC
02 April 2007
2 April 2007
C...
30 March 2007 - Total Voting Rights
30 March 2007
Coffee Republic PLC...
29 March 2007 - Open Offer Record Date
Coffee Republic PLC
29 March 2007
29 March 2007...
20 March 2007 - Placing & Directorate Change
Coffee Republic PLC
20 March 2007...
16 March 2007 - Franchise Agreement
Coffee Republic PLC
16 March 2007
Coffee Republic...
13 March 2007 - Issue of Equity
Coffee Republic PLC
13 March 2007
Coffee Republic...
22 February 2007 - Holding(s) in Company
Coffee Republic PLC
22 February 2007
COFFEE REPUB...
08 February 2007 - EGM Statement
Coffee Republic PLC
08 February 2007...
22 January 2007 - Director's Dealings
Coffee Republic PLC
22 January 2007
Coffee Republ...
20 December 2006 - Interim Results
Coffee Republic PLC
20 December 2006
COFFEE REP...
19 December 2006 - Total Voting Rights
Coffee Republic PLC
19 December 2006...
15 December 2006 - Director/PDMR Shareholding
Coffee Republic PLC
15 December 2006
15 December 20...
08 December 2006 - Development Agreement
Coffee Republic PLC
08 December 2006
Coffee Repub...
01 December 2006 - Development Agreement
Coffee Republic PLC
01 December 2006
Coffee Repub...
09 November 2006 - Development Agreement
Coffee Republic PLC
09 November 2006
Coffee Repub...
02 November 2006 - Holding(s) in Company
Coffee Republic PLC
02 November 2006
Coffee Repub...
31 October 2006 - Result of Adjourned AGM
Coffee Republic PLC
31 October 2006
31 October 20...
26 October 2006 - AGM Statement
Coffee Republic PLC
26 October 2006
26 October 20...
20 October 2006 - Directorate Change
Coffee Republic PLC
20 October 2006
20 October 20...
02 October 2006 - Notice of EGM
Coffee Republic PLC
02 October 2006
For Immediate...
21 September 2006 - Holding(s) in Company
Coffee Republic PLC
21 September 2006
COFFEE REPU...
20 September 2006 - Holding(s) in Company
Coffee Republic PLC
20 September 2006
COFFEE REPU...
19 September 2006 - Holding(s) in Company
Coffee Republic PLC
19 September 2006
Coffee Repu...
19 September 2006 - Preliminary Results
Coffee Republic PLC
19 September 2006
For I...
18 September 2006 - Holding(s) in Company
Coffee Republic PLC
18 September 2006
COFFEE REPU...
18 September 2006 - Holding(s) in Company
Coffee Republic PLC
18 September 2006
Coffee Repu...
15 September 2006 - Holding(s) in Company
Coffee Republic PLC
15 September 2006
Coffee Repu...
15 September 2006 - Holding(s) in Company
Coffee Republic PLC
15 September 2006
COFFEE REPU...
14 September 2006 - Holding(s) in Company
Coffee Republic PLC
14 September 2006
COFFEE REPU...
14 September 2006 - Holding(s) in Company
Coffee Republic PLC
14 September 2006
14 Septembe...
13 September 2006 - Holding(s) in Company
Coffee Republic PLC
13 September 2006
Coffee Repu...
13 September 2006 - Holding(s) in Company
Coffee Republic PLC
13 September 2006
Coffee Repu...
13 September 2006 - Stmnt re Share Price Movement
Coffee Republic PLC
13 September 2006
Coffee Repu...
01 September 2006 - Holding(s) in Company
Coffee Republic PLC
01 September 2006
COFFEE REPU...
14th August 2008 - Notification of Major Interests in Shares
Notifications of Major Interests in Shares
1. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached:
Coffee Republic Plc
2. Reason for notification (yes/no)
An acquisition or disposal of voting rights - Yes
An acquisition or disposal of financial instruments which may result in the acquisition of shares already issued to which voting rights are attached - No
An event changing the breakdown of voting rights - No
3. Full name of person(s) subject to notification obligation:
Mohammed Hanif Khoda
4. Full name of shareholder(s) (if different from 3):Fitel Nominees Limited
5. Date of transaction (and date on which the threshold is crossed or reached if different):
04/07/08
6. Date on which issuer notified:
05/07/08
7. Threshold(s) that is/are crossed or reached:
7%
8: Notified Details
A: Voting rights attached to shares
Class/type of shares
If possible use ISIN code GB0000487768
Situation previous to the triggering transaction:
Number of shares: 36,000,981
Number of voting rights: 36,000,981
Resulting situation after the triggering transaction:
Number of shares: 47,500,981
Number of voting rights Percentage of voting rights:
Direct: 47,500,981
Indirect:
Percentage of Voting Rights:
Direct: 7.59%
Indirect:
B: Financial Instruments
Resulting situation after the triggering transaction:
Type of financial instrument:
Expiration date:
Exercise/ conversion period/date:
No. of voting rights that may be acquired (if the instrument exercised/converted):
Percentage of voting rights:
Total (A+B)
Number of voting rights: 47,500,981
Percentage of voting rights: 7.59%
9. Chain of controlled undertakings through which the voting rights and /or the financial instruments are effectively held, if applicable:
Proxy Voting:
10. Name of proxy holder:
11. Number of voting rights proxy holder will cease to hold:
12. Date on which proxy holder will cease to hold voting rights:
13. Additional information:
14 Contact name: Anthony E Lappin
15. Contact telephone name: 0161 819 8881
4th August 2008-Issue of Convertible Loan Notes and International Agreement
Coffee Republic Plc (“Coffee Republic” or the “Company”)
Issue of Convertible Loan Notes, the buy back of various Regional Development Franchise (“RDF”) agreements and the granting of International Master Franchises (“IMF”) for Jordan and Malta
Coffee Republic is pleased to announce that an additional £270,000 of convertible loan notes (“Loan Notes”) were issued on 31 July, being the closing date for the Loan Note issue. This brings to £780,000 the total Loan Notes issued.
The £270,000 additional Loan Notes have been used as consideration to buy back a number of RDF agreements where the Company and the RDF believe it is in the best interests of both parties to do so. All the individual RDFs concerned continue or plan to operate Coffee Republic franchises.
Furthermore, Coffee Republic announces that all RDF agreements with CR Direct Ltd have been terminated.
Coffee Republic also announces that it has recently signed IMF agreements for both Malta and Jordan with roll out plans of 5 and 7 stores respectively.
This continues the expansion of the Coffee Republic internationally and the Board remains confident that further international deals will be signed during the coming year.
Coffee Republic Plc
For further information:
Coffee Republic:
Peter Breach, Executive Chairman and CEO 020 7033 0600
peterbreach@coffeerepublic.co.uk
James Muirhead, FD 020 7033 0639
jamesmuirhead@coffeerepublic.co.uk
Landsbanki Securities (UK) Limited 020 7426 9000
Nominated Adviser & Broker
Jeff Keating
Simon Brown
9th July 2008 - Directorate Change
9 July 2008
Coffee Republic Plc
Directorate Change.
Coffee Republic Plc (“Coffee Republic” or “the Company”), the independent coffee bar operator, announces that Steven Bartlett CEO, who joined the Company to lead a recovery of the business is now standing down at the forthcoming Annual General Meeting and his role as CEO will be assumed by Peter Breach, the current Executive Chairman. In the meantime the company will begin its search for a new Chief Executive.
Steven Bartlett will remain on the board in a non-executive capacity and is expected to be appointed Vice-Chairman at that meeting. These changes mean Coffee Republic will continue to benefit from his expertise and his enthusiasm for the brand, whilst allowing him to dedicate more of his time to his businesses and family in Plymouth. Mr Bartlett will continue to hold his substantial shareholding.
The Board wishes to recognise the work that Mr Bartlett has done, particularly in rebuilding the brand, increasing the number of outlets and establishing the brand internationally.
Mr Bartlett has accomplished a notable turnaround and has established Coffee Republic as a major coffeehouse brand in the UK whilst also establishing the foundation for a strong international brand.
It is anticipated that the financial results for the year to 31 March will be announced in late August. The Board is considering the carrying value of previously capitalised assets in relation to those Company owned stores which have performed poorly.
Like-for-like network sales for the first three months of the current financial year have increased by 2.5% driven by strong growth by franchises. Total franchise network sales have grown by over 70% compared to the beginning of the last financial year and the company continues its strategy of growth.
The Board are preparing for a General Meeting to consider an incentive scheme or schemes for staff to replace the recently expired mandate and to consider the maintenance of capital of the Company as required by the Companies Act, Section 142.
For further information:
Coffee Republic:
Peter Breach, Executive Chairman 020 7033 0600
James Muirhead, Finance Director 020 7033 0639
Landsbanki Securities (UK) Limited 020 7426 9000
Nominated Adviser & Broker
Jeff Keating
Simon Brown
6th June 2008 - Issue of Convertible Loan Notes.
6 June 2008
Coffee Republic Plc (“Coffee Republic”)
Issue of convertible loan notes.
Further to the announcement on 1st May 2008 the Board of Coffee Republic is pleased to announce the receipt of the balance of the subscription monies due and the subsequent issue of the first tranche of loan notes with an aggregate nominal value of £500,000. In addition the Company has accepted a further subscription for loan notes with an aggregate nominal value of £10,000, which have also been issued today.
The convertible loan note offer remains open until 31st July 2008.
Coffee Republic
For further information:
Coffee Republic:
Steven Bartlett, CEO 020 7033 0600
stevenbartlett@coffeerepublic.co.uk
James Muirhead, FD 020 7033 0639
jamesmuirhead@coffeerepublic.co.uk
Landsbanki Securities (UK) Limited
020 7426 9000
Nominated Adviser & Broker
Jeff Keating
Simon Brown
1st May 2008 - Issue of Loan Notes and Strategy for Company owned stores
Issue of Convertible Loan Notes and strategy to invest in Company owned stores.
The Board of Coffee Republic is pleased to announce that deposits for the minimum subscription of £500,000 have been received in relation to its convertible loan note issue (the "Loan Notes") Subject to receipt of the balance of the subscription monies the Loan Notes will be issued for cash at par (being £1 per Loan Note) on 31st May 2008 (the "Commencement Date"). Under the terms of the loan note instrument a further £1.5 million of Loan Notes may be issued prior to the final closing date of 31 July 2008.
The Loan Notes will be convertible (in whole or in part) at 3p per ordinary share on any conversion date (being 31 March in 2009, 2010, 2011 and 2012). The ordinary shares issued upon such conversion of the Loan Notes will rank pari passu with the existing ordinary shares of 1p each in the capital of the Company..
The Company will have the right to prepay all outstanding Loan Notes, together with accrued but unpaid interest, on 31st December 2010 by serving notice on the Noteholders. Any Loan Notes which have not been converted by the Noteholder or prepaid by the Company will be repaid by the Company, together with accrued but unpaid interest, on 31 December 2012.
Interest will be payable on the Loan Notes at the rate of 6 per cent per annum from the Commencement Date until the earlier of the date of conversion, prepayment or repayment. Interest accrues from day to day and is payable twice yearly in arrears. Noteholders can elect to roll up the interest (in which case it will be converted into ordinary shares upon conversion) or to receive a cash payment.
Coffee Republic is also pleased to announce that that it intends to expand its estate of Company owned stores in tandem with its continuing UK and International franchise expansion and ‘Coffee Republic Served Here’ concept which have been the subject of prior announcements.
Commenting Steven Bartlett, CEO, said
‘By increasing our focus on shopping malls we believe that we have identified a good model for the expansion of company owned stores. We are encouraged by the prospects that this strategy offers. Our experience with shopping mall sites has been very positive and the new branding and product offering is proving attractive to institutional landlords.
The convertible loan stock offer remains open until 31st July 2008.’
Coffee Republic
For further information:
Coffee Republic:
Steven Bartlett, CEO 020 7033 0600
stevenbartlett@coffeerepublic.co.uk
James Muirhead, FD 020 7033 0639
jamesmuirhead@coffeerepublic.co.uk
Landsbanki Securities (UK) Limited 020 7426 9000
Nominated Adviser & Broker
Simon Brown
21 April 2008 - International Franchise Agreement Saudi Arabia
Coffee Republic Plc
21 April 2008
Coffee Republic Plc
Coffee Republic signs International Master Franchise for Saudi Arabia.
Coffee Republic Plc (?Coffee Republic? or ?the Company?), the independent coffee bar operator, announces that an agreement has been reached with Al Hadaf (Adwest) International trading company (?Al Hadaf?) for the granting of Coffee Republic franchise rights for Saudi Arabia. The agreement provides Al Hadaf with the right to develop Coffee Republic outlets and to recruit franchisees to operate Coffee Republic outlets in Saudi Arabia, though it is envisaged that all the bars will be owned directly.
Al Hadaf is a pioneering advertising agency based in Saudi and its owner, Tareg Kheder, has interests in a number of other businesses in Saudi, covering a wide range of industries. Al Hadaf has agreed for at least twenty stores to be opened in the next 5 years.
Commenting Mr Kheder said ?We are delighted to be working with Coffee Republic and look forward to introducing the brand to Saudi Arabia over the next few years.?
Commenting, Steven Bartlett, CEO, said:
?We are pleased to be partnering Al Hadaf to develop Coffee Republic in Saudi Arabia. They have the necessary skills and expertise to make a success of the Coffee Republic brand there.
This brings to ten the total number of countries under international franchise agreements. Discussions are in hand with counterparties seeking rights in other countries which may lead to further agreements.?
For further information:
Coffee Republic:
Steven Bartlett, CEO 020 7033 0600
James Muirhead, FD 020 7033 0639
Landsbanki Securities (UK) Limited 020 7426 9000
Nominated Adviser & Broker
Simon Brown
12 February 2008 - Grant of Director Share Options
Coffee Republic PLC
12 February 2008
Coffee Republic plc ('Coffee Republic' or 'the Company')
Coffee Republic - Grant of Director share options
Coffee Republic announces that on 8 February 2008 James Muirhead, Finance
Director of the Company, was granted options over 1,376,146 ordinary shares of
0.1p each in the Company ('Ordinary Shares') under the Company's approved share
option plan and options over 3,623,854 Ordinary Shares under the Company's
unapproved share option scheme. The vesting price for these options is 4p per
Ordinary Share and the vesting period is from 8 February 2011.
This grant represents that total interest of Mr. Muirhead in the Company's
Ordinary Shares.
For further information:
Coffee Republic
Steven Bartlett, CEO 0207 033 0630
James Muirhead, FD 020 7033 0639
Landsbanki Securities (UK) Limited 020 7426 9000
Nominated Adviser & Broker
Simon Brown
21 January 2008-Coffee Republic signs Kuwait Master Franchise
Coffee Republic PLC
21 January 2008
Coffee Republic signs International Master Franchise for Kuwait.
Coffee Republic Plc ('Coffee Republic' or 'the Company'), the independent coffee
and deli bar operator, announces that an agreement has been reached with the
Aquila Food Company ('Aquila') for the granting of Coffee Republic Deli
franchise rights for Kuwait. The agreement provides Aquila with the right to
develop Coffee Republic delis and to recruit franchisees to operate Coffee
Republic delis in Kuwait.
Aquila is a wholly owned subsidiary of Jassim Al-Sayegh Sons & Co. a substantial
Kuwait based company and has been established solely for the purpose of opening
Coffee Republic franchises in Kuwait. It will be headed up by Mohammad J Al-
Sayegh. Aquila has agreed to roll out a minimum of fourteen units over the next
five years.
Commenting, Steven Bartlett, CEO, said:
'We are pleased to be partnering Aquila to develop Coffee Republic delis in
Kuwait. They have the necessary skills and expertise to make a success of the
Coffee Republic brand there.
This brings to nine the total number of countries under international franchise
agreements. Discussions are in hand with counterparties seeking rights in other
countries which may lead to further agreements.'
For further information:
Coffee Republic:
Steven Bartlett, CEO 020 7033 0600
James Muirhead, FD 020 7033 0639
Landsbanki Securities (UK) Limited 020 7426 9000
Nominated Adviser & Broker
Simon Brown
18th December 2007 - Cineworld UK Deal
Coffee Republic PLC
18 December 2007
Coffee Republic plc
Coffee Republic wins deal with Cineworld UK. 73 Cinemas UK wide to have 'Coffee
Republic Served Here'
Coffee Republic plc ('Coffee Republic' or 'the Company'), the independent coffee
and deli bar operator, announces that agreement has been reached with Cineworld
UK to roll out its 'Coffee Republic Served Here' concept to all 73 Cineworld
sites in the UK.
The role out of these concessions will begin in early 2008.
Commenting, Steven Bartlett, CEO, said:
'We are delighted to be in partnership with such a major leisure business as
Cineworld UK and I believe that our 2 brands complement each other perfectly.
This is a major step for us in our strategy of rolling out our 'Coffee Republic
Served Here' concept with major national chains'
For further information:
Coffee Republic
Steven Bartlett, CEO 0207 033 0630
James Muirhead, FD 020 7033 0639
Landsbanki Securities (UK) Limited 020 7426 9000
Nominated Adviser & Broker
Simon Brown
25 October 2007 - Coffee Republic to open 25 café concessions in Scotland
Coffee Republic PLC
25 October 2007
Coffee Republic plc
Coffee Republic to open 25 café concessions in Scotland.
Coffee Republic plc ('Coffee Republic' or 'the Company'), the independent coffee and deli bar operator, announces that an agreement has been reached with McLeish Brothers Limited to open Coffee Republic Cafes in each of 25 planned New York deli-style stores over the next two years. The first will open in Edinburgh, and sites are already being reviewed in Glasgow and Dundee.
McLeish Brothers already run a number of similar outlets across Scotland and have considerable experience in the retail and leisure industries.
Commenting, Steven Bartlett, CEO, said:
'We have been impressed by the enthusiasm and drive demonstrated by McLeish Brothers and are very excited to be working with them in furthering the their company's expansion in Scotland, and subsequently England.'
Commenting, Danny Anderson, Master Franchisee for Scotland, said:
'I have been impressed by McLeish Brothers concept and I am excited to be working with Stanley Morrice and his team in driving this development forward. In addition to this there are 2 new Coffee Republic franchised stand alone stores planned to open by Christmas this year, one of which will be in Silverburn, Glasgow, which will be one of Scotland's largest shopping centres and it will be the largest Coffee Republic store in the UK to date. There are a further 5 franchised stores in Scotland planned before the financial year end.'
Commenting, Managing Director Stanley Morrice of McLeish Brothers, said:
'We are delighted to be working with Coffee Republic. The response to our concept from the public has been well beyond our expectations and we are pleased to be joining forces with Coffee Republic to realise our ambitious plans for 25 stores by the end of next year. We looked at a number of the leading coffee shop brands but Coffee Republic was by far the best brand in terms of quality of coffee and range of product.'
For further information:
Coffee Republic
Steven Bartlett / James Muirhead 020 7033 0600
Portfolio Scotland Limited
Danny Anderson 01506 433277
12 October 2007 - Mercia RDF Announcement
Coffee Republic PLC
12 October 2007
Regional Development Agreement for Warwickshire, Worcestershire and Gloucestershire.
Coffee Republic plc ('Coffee Republic' or 'the Company'), the independent coffee and deli bar operator, announces that an agreement has been reached with CR Mercia Ltd ('CR Mercia') for the UK Regional Development franchise ('RDF') for the above territories.
Commenting, Ashley and Alyson Cox of CR Mercia, said:
'We are delighted to have secured the Regional Development agreement for Warwickshire, Worcestershire and Gloucestershire with Coffee Republic. We look forward to establishing a strong pipeline of bars in the near future and to expanding the brand into more northern territories.'
Commenting, Steven Bartlett, CEO, said:
'We have been impressed by the enthusiasm and drive demonstrated by Ashley and Alyson and are very excited to be working with them in furthering the company's expansion into these new regions for us.'
For further information:
Coffee Republic
Steven Bartlett / James Muirhead 020 7033 0600
CR Mercia Limited
Ashley Cox 07974 676 916
Landsbanki Securities (UK) Limited 020 7426 9000
Nominated Adviser & Broker
Simon Brown
28 September 2007 - Total Voting Rights
Coffee Republic PLC
28 September 2007
Coffee Republic PLC (the 'Company')
Total Voting Rights
In conformity with the Transparency Directive's transitional provision 6, the
Company notifies the market of the following:
As at the date of this announcement, the Company's issued share capital consists
of 625,893,569 ordinary shares with a nominal value of 0.1 pence each ('Ordinary
Shares'), with voting rights. The Company does not hold any Ordinary Shares in
Treasury.
Therefore, the total number of Ordinary Shares with voting rights is 625,893,569.
The above figure of 625,893,569 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 in their interest
in, the share capital of the Company under the FSA's Disclosure and Transparency
Rules.
This information is provided by RNS
The company news service from the London Stock Exchange
26 September 2007 - AGM Statement
Coffee Republic PLC
26 September 2007
Coffee Republic PLC ('Coffee Republic' or the 'Company')
At the AGM of the Company held today, the Chairman made the following statement:
'It has been an action packed year since Steven Bartlett and I were appointed to
your Board at this time last year when I said that we believed strongly in the
franchise concept; our experience since has confirmed that view. I also said
that we knew Coffee Republic was a strong brand and I am pleased to say that
belief has also been confirmed. Since early in 2007 the Company has been
receiving around 75 enquiries a week from potential franchisees and this rate of
interest continues to date.
At the same time we have been improving both the range and quality of our food
offer and also the visual appearance of the outlets improving the ambience and
experience for customers.
It has taken time to build the machinery and culture to process franchise
applications at the speed we wished but now, in addition to the seven franchises
opened in the UK since the financial year end, we have a further 29 franchises
in process that we expect to open before the financial year end. This accords
with my statement in the published accounts for 2007 and is likely to increase
as new franchisees are routinely signing-up.
We have signed five regional development franchisees in the first six months of
the year further adding to our ability to roll out the CR brand quickly and
effectively across the UK. By the end of October a further seven operated
outlets will have been transferred to franchisee control leaving nine under
company operation.
Interest from overseas has also been encouraging. Territorial franchise
agreements have been signed for Bulgaria, Turkey, Romania, the island of
Ireland, UAE, Bahrain, Qatar and Muscat with outlets already operating in the
first two of these and a further three outlets expected to open over the next
few months.
Last year I told shareholders that we would focus on four key areas:
1. widening the customer base across the UK and overseas;
2. the roll-out of the deli concept;
3. expanding the use of the Coffee Republic Express machine; and
4. promoting the new 'Coffee Republic Served Here' concept.
These concepts, with the exception of the Express machine, have been and are
being well achieved. As regards the 'Express' concept we are in discussions
with a significant coffee vending operator, with a view to launching nationally
with a more sophisticated machine than was previously available.
Our disappointment, such as it is, has been the time taken to secure good
locations within the UK and this has delayed the time when we become cash
positive. Determining when this occurs is not straightforward because although
receipts from the granting of franchises, particularly overseas franchises, can
be substantial, these are not received on a regular basis. Even so, the growth
in our number of franchises is consistently improving our cash position.
Royalty receipts, which represent the best quality of our earnings, are building
steadily, in line with the growth in number of franchises. These receipts
contribute in full towards our published revenues but it is a source of
frustration that the non-returnable fees received from the granting of franchise
agreements are, under accounting regulations, only credited to published
revenues by equal annual instalments over the life of the agreement which may be
ten or more years. The effect of this will be to dampen considerably our
reported earnings in the early years of our expansion although our cash inflow
should be substantial. I shall be sure to keep shareholders informed of the
amounts concerned as they are a key indicator of our growth.
I am particularly pleased to report three significant trials which have taken
place. In order of commencement, Greene King PLC, one of Britain's largest pub
operators, have installed over 26 'Coffee Republic Served Here' outlets. Also
RoadChef Motorways Limited, one of the largest Motorway Service Station
operators, has converted their Taunton Southbound Coffee Bar offering to Coffee
Republic. Early indications are that these are trading well in line with our
expectations. In addition, Cineworld plc, the UK's second largest cinema chain,
is now starting to roll out the 'Coffee Republic Served Here' outlets in their
multiplexes. Other roll-outs with large operators are under discussion.
As reported last year, Steven Bartlett and I said we would obtain our reward by
sharing in the results of our efforts by accepting share incentives and said we
would draw no salary. We have, indeed, drawn no salary to date but it has taken
time to structure a share incentive plan based on a share price of 2.5p as
previously advised which is tax efficient and suitable. Such a proposal is near
finalisation and it is intended to call an EGM for shareholders to approve the
proposals and the waiver of the obligation under rule 9 of the Takeover Code to
require Steven and myself and various parties connected with us to make a
general offer for the Company which would otherwise arise on the implementation
of the proposals.'
Peter J F Breach
Chairman
The Board announces that all the resolutions tabled at the Annual General
Meeting were passed including the re-appointment of Nicholas Jeffrey and the
appointment of James Muirhead.
The Board also reported that for the half year just ended like for like sales
for CR operated outlets declined, as expected, by 5.6% whereas franchise sales
(where comparison is possible) are up by 12.6%.
For further information:
Coffee Republic
Steven Bartlett, Chief Executive 020 7033 0600
Landsbanki Securities (UK) Limited 020 7426 9000
Nominated Adviser & Broker
Simon Brown
This information is provided by RNS
The company news service from the London Stock Exchange
24 September 2007 - International Franchise Agreement
Coffee Republic PLC
24 September 2007
International Franchise Agreement for UAE, Bahrain, Qatar and Oman.
Coffee Republic plc ('Coffee Republic' or 'the Company'), the independent coffee
and deli bar operator, announces that an agreement has been reached with fashion
group powerhouse Paris Group for the Coffee Republic Deli franchise rights for
UAE, Bahrain, Qatar and Oman. The agreement gives Paris group the right to
develop Coffee Republic delis and recruit franchisees to operate Coffee Republic
delis in the above areas.
Commenting, Mr. Ahmed Sankari (Vice President Paris Group) said:
'We are delighted to add another top brand to our Foodvision arm of the company.
The first outlet, to open in Nov 07 in Muscat, Oman, promises to be the future
of coffee bars. A second bar in Dubai is currently under construction.'
Commenting, Steven Bartlett, CEO, said:
'We are pleased to be partnering with Paris Group to develop Coffee Republic
Delis in UAE, Bahrain, Qatar and Oman. They have the necessary skills and
experience to make a success of the Coffee republic brand in those territories.
This brings to 6 the total number of counties under international franchise
agreements and there is continued, strong interest from other parts of the
world. Accordingly, we anticipate further announcements over the coming months.'
For further information:
Coffee Republic
Steven Bartlett 020 7033 0600
Landsbanki Securities (UK) Limited 020 7426 9000
Nominated Adviser & Broker
Simon Brown
This information is provided by RNS
The company news service from the London Stock Exchange
21 September 2007 - Issue of Equity
Coffee Republic PLC
21 September 2007
Coffee Republic plc (the 'Company')
Issue of Equity
The Company has issued and allotted 1,000,000 new Ordinary Shares of 0.1 penny
each in the Company. These shares were issued and allotted following the
exercise of options over Ordinary Shares.
Following the allotment of the new Ordinary Shares the issued share capital of
the Company has been increased to 625,893,569 Ordinary Shares.
The new Ordinary Shares will rank pari passu with the existing Ordinary Shares
of the Company. Trading in the new Ordinary Shares is expected to commence on
AIM on 26 September 2007.
Enquiries:
Coffee Republic plc 020 7033 0600
Steven Bartlett
Landsbanki Securities (UK) Limited 020 7426 9000
Nominated Adviser & Broker
Simon Brown
This information is provided by RNS
The company news service from the London Stock Exchange
21 September 2007 - Directorate Change
Coffee Republic PLC
21 September 2007
Coffee Republic Plc ('Coffee Republic' or the 'Company')
Directorate Change
The Board of Coffee Republic announces the appointment of James Muirhead as
Finance Director with effect from 21 September 2007. It is expected that he will
be admitted to the board by Christmas 2007.
James Cameron Muirhead, aged 36, qualified as a Chartered Accountant with
PricewaterhouseCoopers in 1998 and has worked with a number of high growth
multi-site, leisure businesses including Novus Leisure ltd (the operator of the
Tiger Tiger nightclub brand) and Esporta Plc (Health Club operator).
Commenting, Steven Bartlett, Chief Executive, said:
'I am delighted that James has decided to join Coffee Republic and look forward
to the experience he can bring us from his time working in high growth,
multi-site, branded business. He is joining at an exciting and challenging time
in the Company's history and I wish him luck in this time with us'
There are no further disclosures to be made in respect of James Muirhead under
Schedule 2(g) of the AIM Rules.
Contacts:
Coffee Republic 0207 033 0600
Steven Bartlett
Landsbanki Securities (UK) Limited 020 7426 9000
Nominated Adviser & Broker
Simon Brown
This information is provided by RNS
The company news service from the London Stock Exchange
11 September 2007 - Notifiable Interest
Coffee Republic PLC
11 September 2007
Coffee Republic PLC ('the Company')
Notifiable Interest
A form TR-1 containing the following information has been received by the
Company.
TR-1 notification of major interests in shares
1. Identity of the issuer or the underlying issuer of existing shares to which
voting rights are attached:
Coffee Republic PLC
2. Reason for the notification
An acquisition or disposal of voting rights
3. Full name of person(s) subject to the notification obligation:
Mohammed Hanif Khoda Esq
4. Full name of shareholder(s) (if different from 3):
Fitel Nominees Ltd
5. Date of the transaction (and date on which the threshold is crossed or
reached if different):
31/08/07
6. Date on which issuer notified:
10/09/07
7. Threshold(s) that is/are crossed or reached:
5%
8. Notified details:
A: Voting rights attached to shares
Class/type of Situation previous to Resulting situation after the triggering transaction
shares Triggering transaction
Notification required under DTR transitional provision 7
if possible using
ISIN CODE Number of Number of Number of Number of voting rights % of voting rights
Shares Voting shares
Rights
Direct Direct Indirect Direct Indirect
GB000048778 30,000,981 30,000,981 31,500,981 31,500,981 5.04
B: Financial Instruments
Resulting situation after the triggering transaction
Type of financial Expiration date Exercise/ Number of voting % of voting rights
instrument Conversion Period/ rights that may be
Date acquired if the
instrument is
exercised/ converted
Total (A+B)
Number of voting rights % of voting rights
31,500,981 5.04
9. Chain of controlled undertakings through which the voting rights and/or the
financial instruments are effectively held, if applicable:
N/A
10. Name of the Proxy holder:
N/A
11. Number of voting rights proxy holder will cease to hold:
N/A
12. Date on which proxy holder will cease to hold voting rights:
N/A
13. Additional information:
N/A
14. Contact name:
Janine Butterworth
15. Contact telephone number:
0161 832 6644
This information is provided by RNS
The company news service from the London Stock Exchange
31 August 2007 - Total Voting Rights
Coffee Republic PLC
31 August 2007
Coffee Republic PLC (the 'Company')
Total Voting Rights
In conformity with the Transparency Directive's transitional provision 6, the
Company notifies the market of the following:
As at the date of this announcement, the Company's issued share capital consists
of 624,893,569 ordinary shares with a nominal value of 0.1 pence each ('Ordinary
Shares'), with voting rights. The Company does not hold any Ordinary Shares in
Treasury.
Therefore, the total number of Ordinary Shares with voting rights is
624,893,569.
The above figure of 624,893,569 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 in their interest
in, the share capital of the Company under the FSA's Disclosure and Transparency
Rules.
This information is provided by RNS
The company news service from the London Stock Exchange
24 August 2007 - Notifiable Interest
Coffee Republic PLC
24 August 2007
Coffee Republic PLC ('the Company')
A form TR-1 containing the following information has been received by the
Company.
TR-1 notification of major interests in shares
1. Identity of the issuer or the underlying issuer of existing shares to which
voting rights are attached:
Coffee Republic PLC
2. Reason for the notification
An acquisition or disposal of voting rights
3. Full name of person(s) subject to the notification obligation:
Mohammed Hanif Khoda
4. Full name of shareholder(s) (if different from 3):
Fitel Nominees Ltd
5. Date of the transaction (and date on which the threshold is crossed or
reached if different):
23/08/07
6. Date on which issuer notified:
24/08/07
7. Threshold(s) that is/are crossed or reached:
4%
8. Notified details:
A: Voting rights attached to shares
Class/type of Situation previous to Resulting situation after the triggering transaction
shares Triggering
transaction Notification required under DTR transitional provision 7
if possible using
ISIN CODE
Number of Number of Number of Number of voting rights % of voting rights
Shares Voting shares
Rights
Direct Direct Indirect Direct Indirect
GB000048778 2,000,000 2,000,000 26,500,981 4.32
B: Financial Instruments
Resulting situation after the triggering transaction
Type of financial Expiration date Exercise/ Number of voting % of voting rights
instrument Conversion Period/ rights that may be
Date acquired if the
instrument is
exercised/ converted
Total (A+B)
Number of voting rights % of voting rights
26,500,981 4.32
9. Chain of controlled undertakings through which the voting rights and/or the
financial instruments are effectively held, if applicable:
N/A
10. Name of the Proxy holder:
N/A
11. Number of voting rights proxy holder will cease to hold:
N/A
12. Date on which proxy holder will cease to hold voting rights:
N/A
13. Additional information:
N/A
14. Contact name:
Anthony Lappin
15. Contact telephone number:
0161 819 8881
This information is provided by RNS
The company news service from the London Stock Exchange
21 August 2007 - Annual Report & Accounts
Coffee Republic PLC
21 August 2007
Coffee Republic PLC
(the 'Company')
Annual Report & Accounts
The Company today announces that the Report & Accounts for the year to 25 March
2007 have been posted to shareholders.
Enquiries:
Coffee Republic plc 020 7033 0600
Steven Bartlett
Landsbanki Securities (UK) Limited 020 7426 9000
Nominated Adviser & Broker
Simon Brown
This information is provided by RNS
The company news service from the London Stock Exchange
21 August 2007 - Notifiable Interest
Coffee Republic PLC
21 August 2007
Coffee Republic PLC ('the Company')
Notifiable Interest
A form TR-1 containing the following information has been received by the
Company.
TR-1 notification of major interests in shares
1. Identity of the issuer or the underlying issuer of existing shares to which
voting rights are attached:
Coffee Republic PLC
2. Reason for the notification
An acquisition or disposal of voting rights
3. Full name of person(s) subject to the notification obligation:
Mohammed Hanif Khoda
4. Full name of shareholder(s) (if different from 3):
Fitel Nominees Ltd
5. Date of the transaction (and date on which the threshold is crossed or
reached if different):
15/08/07
6. Date on which issuer notified:
16/08/07
7. Threshold(s) that is/are crossed or reached:
3%
8. Notified details:
A: Voting rights attached to shares
Class/type of Situation previous to Resulting situation after the triggering transaction
shares Triggering
transaction Notification required under DTR transitional provision 7
if possible using
ISIN CODE
Number of Number of Number of Number of voting rights % of voting rights
Shares Voting shares
Rights
Direct Direct Indirect Direct Indirect
GB000048778 1,900,000 1,900,000 19,500,981 19,500,981 3.12
B: Financial Instruments
Resulting situation after the triggering transaction
Type of financial Expiration date Exercise/ Number of voting % of voting rights
instrument Conversion Period/ rights that may be
Date acquired if the
instrument is
exercised/ converted
Total (A+B)
Number of voting rights % of voting rights
19,500,981 3.12
9. Chain of controlled undertakings through which the voting rights and/or the
financial instruments are effectively held, if applicable:
10. Name of the Proxy holder:
11. Number of voting rights proxy holder will cease to hold:
12. Date on which proxy holder will cease to hold voting rights:
13. Additional information:
14. Contact name:
Anthony Lappin
15. Contact telephone number:
0161 819 8881
This information is provided by RNS
The company news service from the London Stock Exchange
21 August 2007 - Notifiable Interest
Coffee Republic PLC
21 August 2007
Coffee Republic PLC ('the Company')
Notifiable Interest
A form TR-1 containing the following information has been received by the
Company.
TR-1 notification of major interests in shares
1. Identity of the issuer or the underlying issuer of existing shares to which
voting rights are attached:
Coffee Republic PLC
2. Reason for the notification
An acquisition or disposal of voting rights
3. Full name of person(s) subject to the notification obligation:
Credit Agricole Cheuvreux International Ltd
4. Full name of shareholder(s) (if different from 3):
Credit Agricole Cheuvreux International Ltd
5. Date of the transaction (and date on which the threshold is crossed or
reached if different):
03/08/07
6. Date on which issuer notified:
07/08/07
7. Threshold(s) that is/are crossed or reached:
Holding after transaction went through percentage threshold
8. Notified details:
A: Voting rights attached to shares
Class/type of Situation previous to Resulting situation after the triggering transaction
shares Triggering transaction
Notification required under DTR transitional provision 7
if possible using
ISIN CODE Number of Number of Number of Number of voting rights % of voting rights
Shares Voting shares
Rights
Direct Direct Indirect Direct Indirect
GB0000487768 28,750,000 28,750,000 Less than
3%
B: Financial Instruments
Resulting situation after the triggering transaction
Type of financial Expiration date Exercise/ Number of voting % of voting rights
instrument Conversion Period/ rights that may be
Date acquired if the
instrument is
exercised/ converted
Total (A+B)
Number of voting rights % of voting rights
9. Chain of controlled undertakings through which the voting rights and/or the
financial instruments are effectively held, if applicable:
SAS Rue La Boetie
Credit Agricole SA
Calyon SA
Credit Agricole Cheuvreux SA Less than 3%
10. Name of the Proxy holder:
11. Number of voting rights proxy holder will cease to hold:
12. Date on which proxy holder will cease to hold voting rights:
13. Additional information:
14. Contact name:
Karen Browne
15. Contact telephone number:
0207 214 5282
This information is provided by RNS
The company news service from the London Stock Exchange
17 August 2007 - AIM Rule 26 & Name Change
Coffee Republic PLC
17 August 2007
Coffee Republic PLC
(the 'Company')
AIM Rule 26 information and change of Adviser Name
The Company today announces that the information required by Rule 26 of the AIM
Rules for Companies (February 2007) is available within the 'Investor Relations'
section of the Company's website at www.coffeerepublic.com.
The Company today also announces that, following its change of name from Teather
& Greenwood Limited to Landsbanki Securities (UK) Limited with effect from 9
August 2007, the name of the Company's nominated adviser and broker has changed
to Landsbanki Securities (UK) Limited.
Enquiries:
Coffee Republic plc 020 7033 0600
Steven Bartlett
Landsbanki Securities (UK) Limited 020 7426 9000
Nominated Adviser & Broker
Simon Brown
This information is provided by RNS
The company news service from the London Stock Exchange
13 August 2007 - Notifiable Interest
Coffee Republic PLC
13 August 2007
Coffee Republic PLC ('the Company')
Notifiable Interest
A form TR-1 containing the following information has been received by the
Company.
TR-1 notification of major interests in shares
1. Identity of the issuer or the underlying issuer of existing shares to which
voting rights are attached:
Coffee Republic PLC
2. Reason for the notification
An acquisition or disposal of voting rights
3. Full name of person(s) subject to the notification obligation:
MF Global UK Limited
4. Full name of shareholder(s) (if different from 3):
N/A
5. Date of the transaction (and date on which the threshold is crossed or
reached if different):
02/08/07
6. Date on which issuer notified:
03/08/07
7. Threshold(s) that is/are crossed or reached:
2
8. Notified details:
Below 3%
A: Voting rights attached to shares
Class/type of Situation previous to Resulting situation after the triggering transaction
shares Triggering transaction
Notification required under DTR transitional provision 7
if possible using
ISIN CODE Number of Number of Number of Number of voting rights % of voting rights
Shares Voting shares
Rights
Direct Direct Indirect Direct Indirect
GB0000487768 20,400,000 20,400,000 Below 3% Below 3% Below 3%
B: Financial Instruments
Resulting situation after the triggering transaction
Type of financial Expiration date Exercise/ Number of voting % of voting rights
instrument Conversion Period/ rights that may be
Date acquired if the
instrument is
exercised/ converted
Total (A+B)
Number of voting rights % of voting rights
16,219,441 Below 3%
9. Chain of controlled undertakings through which the voting rights and/or the
financial instruments are effectively held, if applicable:
N/A
10. Name of the Proxy holder:
N/A
11. Number of voting rights proxy holder will cease to hold:
N/A
12. Date on which proxy holder will cease to hold voting rights:
N/A
13. Additional information:
N/A
14. Contact name:
A Jarrett or S Horner
15. Contact telephone number:
ajarrett@mfglobal.com or shorner@mfglobal.com
This information is provided by RNS
The company news service from the London Stock Exchange
09 August 2007 - Franchise Agreement
Coffee Republic PLC
09 August 2007
Coffee Republic plc
Recruits Regional Developer for Oxfordshire
Coffee Republic plc ('Coffee Republic' or 'the Company'), the independent coffee
and deli bar operator, announces that an agreement has been reached with Coffox
Limited ('Coffox') for a Regional Development Franchise ('RDF') for the
territory of Oxfordshire and the Royal Borough of Windsor and Maidenhead. This
follows a recent agreement with East Coast Traders Limited for the RDF for East
Anglia.
Regional Developers play a crucial role in opening stores, managing growth and
advising and assisting Franchisees.
Andrew and Claire Bowen are Directors of Coffox and experienced Franchisees
currently running two successful stores in the territory. Andrew brings
considerable retail development experience with him from his time at Tesco
Stores Plc where he held many positions at a Senior Management level.
Steven Bartlett, CEO of Coffee Republic commented:
'I am very pleased to have Andrew and Claire Bowen joining us as RDFs. Andrew
has had a distinguished career with Tesco. Where he has assisted us with
Franchises we have seen rapid sales increases. It is a natural progression for
him to move forward as an RDF for the county of Oxfordshire, and the Royal
Borough of Windsor and Maidenhead. His involvement with Coffee Republic coming
from a thoroughbred retail background is a great boost for the company.'
Andrew Bowen commented that:
'We are delighted to join Coffee Republic as RDFs at this exciting time. The new
look of the bars and product innovation have really improved the overall offer
for our customers and we look forward to developing the brand throughout the
county and attracting new franchisees'
Contacts:
Coffee Republic plc 020 7033 0600
Steven Bartlett
Landsbanki Securities (UK) Limited 020 7426 9000
Nominated Adviser & Broker
Simon Brown
This information is provided by RNS
The company news service from the London Stock Exchange
31 July 2007 - Director/PDMR Shareholding
Coffee Republic PLC
31 July 2007
Coffee Republic plc (the 'Company')
Directors Dealings & Issue of Equity
The Company was notified today that Mr Simon Drysdale, Finance Director of the
Company, has today exercised options over 3,000,000 Ordinary Shares of 0.1p each
in the capital of the Company ('Ordinary Shares') under the Company's Approved
Share Option Scheme and 1,250,000 Ordinary Shares under the Company's Unapproved
Share Option Scheme. The exercise prices paid by Mr Drysdale for each Ordinary
Share under the Approved Share Option Scheme and the Unapproved Share Option
Scheme were 1.25p and 1.413p respectively. As a result of these option
exercises, the Company has today issued and allotted, subject to admission,
4,250,000 new Ordinary Shares to Mr Drysdale.
In addition, the Company has today issued and allotted, subject to admission, a
further 800,000 new Ordinary Shares. These shares were issued and allotted
following the exercise of options over Ordinary Shares, under the Approved Share
Option Scheme, by various employees of the Company. The exercise price paid for
these shares was 1.25p per Ordinary Share.
Application has been made for the 5,050,000 new Ordinary Shares being issued
pursuant to the exercise of options described above, to be admitted to trading
on AIM ('Admission'). Admission is expected to occur and trading is expected to
commence on AIM on 6 August 2007. The new Ordinary Shares will rank pari passu
with the existing Ordinary Shares of the Company. Following Admission, the
total number of Ordinary Shares in issue will be 624,893,569.
Therefore, following exercise of his options and Admission, Mr Drysdale will be
interested in a total of 6,350,000 Ordinary Shares in the Company, being 1.02%
of the Company's issued share capital following Admission.
For further information:
Coffee Republic
Peter Breach 0207 0330631
Teather and Greenwood Limited
Nominated Advisor and Broker
Simon Brown 020 7426 9000
This information is provided by RNS
The company news service from the London Stock Exchange
30 July 2007 - Preliminary Results
Coffee Republic PLC
30 July 2007
Coffee Republic PLC
30 July 2007
Coffee Republic PLC
PRELIMINARY RESULTS
Coffee Republic PLC, the independent coffee and deli bar operator, announces its
preliminary results for the year to 25 March 2007.
Key Points:
*Since the management change in October 2006 the core strategy has been to aggressively expand the brand and to accelerate the franchising programme.
*The Coffee Republic brand now trades from 71 domestic locations a 58% increase on the position at the end of the previous financial year.
*The domestic presence consists of 13 Company operated and 31 franchised bars, and 27 co-branded and 'Coffee Republic Served Here' locations.
*First international Coffee Republic outlet now open in Bulgaria.
*10 Regional Development Franchises and 4 International Master Franchises have now been completed.
*Like for like sales for the total network for the quarter ended 24 June are 5.8% positive driven by a strong performance from the franchise bar portfolio of 15.2%.
Preliminary Results- Financial
*Financial results for the year are in line with expectations with a net loss of £2.45 million (2006: £1.45million)
*Reported sales down 34.8% to £9.7million following the conversion to franchising. Total network sales fell 10.6%, in line with the reduction in the number of bars during the year.
*Franchise bar sales experienced an eleven fold increase due to the completion of 20 franchises in the year.
*Like for like sales for the total network were 0.8% positive following a second half contribution of 3.5% positive.
*Operating losses widened to £1.63 million (2006: £1.05 million) caused by costs incurred in connection with the change in management, increases in occupancy costs, and investment in resources to support the growing franchise network.
Commenting Peter Breach, Chairman, said:
'With the renewed vigour injected into the Coffee Republic brand we are on course for a doubling of the domestic portfolio in the current year, as predicted in my half year statement. Our international focus will deliver further strategic territories to our international network in the coming months and I anticipate our international partners will open as many as ten international Coffee Republic outlets before the end of the year.
The seed corn of franchise agreements, be they individual, regional or international, has been planted and I look forward with confidence to the future growth of the business.'
Commenting Steven Bartlett, Chief Executive, said:
'There is a sense of excitement about the business and the brand from both within the Company and from outside. This is translating into franchising and co-branded licensing opportunities which we are converting apace.'
For further information:
Coffee Republic
Peter Breach / Steven Bartlett 020 7033 0600
Teather and Greenwood Limited
Jeff Keating/ Simon Brown
Nominated Advisor and Broker 020 7426 9000
Chairman's statement
Introduction
The past year has been eventful for Coffee Republic. As stated in my Interim Report, on 19 October 2006 Steven Bartlett was appointed Chief Executive Officer and I was appointed Chairman of the Board, following which significant changes in policy and strategy were introduced. As expected the results show a widening of losses but only include five months of activity since the changes in
strategy. It will take time for these changes in strategy to have a meaningful influence on financial performance. I have set out in my statement an overview of the advances we have made both during the financial year and subsequently.
These include our first International Master Franchises and first overseas bar, nine new Regional Development Franchises, no fewer than 26 individual bar franchises and 27 co-branded locations.
I continue to be encouraged by the enthusiasm and ability of our head office team which is complementing the entrepreneurial drive of our franchisees. It has been disappointing to lose two experienced board members, Simon Drysdale, our outgoing Finance Director, and Brian Carroll, who left earlier in the year. Nevertheless, I would like to thank them both for their contribution in assisting with the management change and positioning the Company for the future.
Overview of Progress
I have stated previously that expanding the brand aggressively is central to our strategy and I am pleased to say that we are fulfilling that promise as shown by
the recent expansion. The table below provides an overview of the level of activity undertaken.
As at 27 March 2006 As at 25 March 2007 As at 27 July 2007
Company Operated Bars 40 16 13
Franchise Operated Bars 5 25 31
Co-branded CR locations/' - 2 27
CR Served Here'
Total CR locations in the 45 43 71
UK
International Bars - - 1
Total CR Locations 45 43 72
Worldwide
Regional Development 1 6 10
Franchises
International Master - 2 4
Franchises
Franchise Progress
Individual Bars
Twenty bars were franchised in the year and six subsequent to the year end
including both those bars previously owned and bars at new locations. It is our
intention to franchise a further five company owned bars each of which has an
interested franchisee in the system. With regards to new sites the pipeline of
prospective franchisees is growing strongly and is a testament to the strength
of and confidence in the brand.
Regional Development Franchises ('RDF')
Five regions were completed in the year with a further four after the year end.
We are in negotiations with regards to a number of other regions and our
intention is to franchise all of the regions across the UK with the exception of
London which will be retained by the Company as its own region in which
franchisees will report directly to the Company's operational management team.
International Master Franchises ('IMF')
Two IMFs were completed in the year with a further two after the year end.
Clearly this is an area of significant opportunity for the Company and
considerable resource is now focussed on targeting and building our
international framework. Our first international bar opened in Sunny Beach,
Bulgaria in May with a further bar scheduled to open in Bulgaria shortly and our
first bar in Turkey will open at the end of July.
We are in the advanced stages of negotiation for a number of strategic
territories and will update shareholders as the negotiations progress.
Co-Branding/'Coffee Republic Served Here'
This previously untapped market for the Company has seen considerable activity
over the last few months. The trial with Greene King PLC has led to a roll out
across 26 locations and we have a number of other trials in place which include
RoadChef Motorways Ltd at their Taunton Deane motorway services on the M5.
Final Results and Current Trading
Reported sales fell as expected by 34.8% to £9.7m largely caused by the
conversion of Company owned bars to franchises. However, the table below shows
network sales, the gross sales less VAT of Company operated and franchised bars.
Network sales are a non UK GAAP measure but the directors consider that the
combined sales give a better indication of the brand's sales performance.
Accordingly, total network sales fell by 10.6% to £13.7 million as the network
as a whole started the year with 45 bars and ended the year with 41, excluding
co-branded locations; 6 unprofitable owned bars were closed and two franchised
bars were opened at new locations. In addition to the two franchised bars
opened at new locations, 18 owned bars were converted to franchises during the
year which drove the eleven fold increase in franchise bar sales.
Network Sales
Year Ended Year Ended
25 March 2007 26 March 2006
£'000 £'000
Company Operated Bars 9,121 14,871
Franchise Operated Bars 4,547 410
Total Network 13,668 15,281
An improvement in like for like sales in the second half of the year, driven by
franchised bars, resulted in a full year like for like performance of 0.8%
positive. The performance of Company operated and franchise operated bars
reaffirms our confidence in the franchising strategy. Like for like sales of
5.8% positive for the first quarter of the new financial year are encouraging
and are, once again, driven by a strong like for like contribution from the
franchised bars.
Like For Like Sales
Half Year Ended Half Year Ended Full Year Ended Quarter Ended
24 September 2006 25 March 2007 25 March 2007 24 June 2007
Company Operated Bars (4.3)% (5.4)% (5.2)% (5.7)%
Franchise Operated 9.8% 17.0% 12.1% 15.2%
Bars
Total Network (1.0)% 3.5% 0.8% 5.8%
Bars are excluded for the relevant period of an external event that makes the
data incomparable. For example, for the period that a bar is closed for
refurbishment or the duration of the Gate Gourmet strike for the Heathrow bars.
Whilst the number of Company operated bars is reducing we have been addressing
their negative like for like performance. In addition to our focus on product
innovation and development we are completing a programme of refurbishment across
all Company operated bars updating them all to the new black and red logo and
renewing the fabric which has been neglected for some time.
Operating losses widened to £1.63 million (2006: £1.05 million). The prior year
included a VAT refund of £115,000 compared with exceptional costs this year in
connection with the change in management of £201,000. Aside from the occupancy
cost pressures and minimum wage increase identified at the half year we have
invested in resources to support the growing franchise network and this will
reap rewards in the future.
The net loss widened to £2.45 million (2006:£1.45 million) for the reasons
identified above and include a £621,000 exceptional charge resulting from the
write off of fixed assets on franchise or disposal. When an existing bar is
franchised or disposed of a profit or loss arises depending on the carrying
value of the assets and the purchase price paid. Accordingly, this exceptional
item does not represent a cash outflow.
As we have stated previously, it is intended that Steven Bartlett and I will be
rewarded by a share incentive scheme and will receive no salary. Structuring
such a scheme is a complicated matter to ensure that it acts as an adequate
incentive and is justified from the shareholder perspective. To date we have
received no remuneration from the Group and I expect to update shareholders on
this matter shortly.
Cash Flow and Financing
The cash outflow from operating activities has widened to £1.44 million (2006:
£0.39 million). In addition to the cash impact of the operating loss, the
company loses the benefit of the positive working capital generated by operating
owned bars when they are franchised. Once all owned bars that are to be
franchised are completed this negative cash flow effect will cease.
In March of this year the Company raised approximately £900,000 after expenses
in a placing. Subsequent to the year end the Company has raised approximately
£1.31 million after expenses in an open offer and a further placing. I would
like to thank our existing and new shareholders for their demonstration of
support for the Company and their faith in its future prospects. These new
equity funds will allow the Company to put in place the infrastructure to
support the growing franchise network.
The approximate gross and net proceeds from franchising activity, excluding on
going revenue such as royalties, are shown in the table below.
Proceeds during the year Proceeds subsequent to the year end
Gross Net Gross Net
£'000 £'000 £'000 £'000
Individual Bars 1,196 719 75 50
RDFs 405 365 180 170
IMFs 195 180 100 90
The proceeds from RDFs and IMFs do not include the staged payments due from our
regional and international partners due over the next two and a half years which
amount to £771,000 with additional payments conditional on performance of
£115,000.
Net Asset Position
Our net asset position at the year end stood at a deficit of £732,000. Clearly
this is not satisfactory. However, as I have pointed out previously this does
not take into account the value of the brand or the value of tax losses.
Additionally, the non-returnable fees received at the commencement of franchises
are taken to the balance sheet and released to the profit and loss account over
the life of the franchise, usually 15 years. The amount of such deferred income
at the year end stood at £785,000. In other words, we have received £785,000 of
fees in cash which remain to be recognised as income in the profit and loss
account. If any one of the brand, tax losses or deferred income were taken into
account we would not be showing a net deficit.
Outlook
The strategy of aggressively promoting the brand is underway and I trust you
will be pleased with the progress we have made. The Coffee Republic brand now
trades from 71 domestic locations, a 58% increase on the position at the end of
the previous financial year. With this renewed vigour we are on course for a
doubling of the domestic portfolio in the current year, as predicted in my half
year statement. Our international focus will deliver further strategic
territories to our international network in the coming months and I anticipate
our international partners will open as many as ten overseas Coffee Republic
outlets before the end of the year.
The seed corn of franchise agreements, be they individual, regional or
international, has been planted and I look forward with confidence to the future
growth of the business.
Peter Breach
Chairman
27 July 2007
Consolidated Profit and Loss Account
for the period ended 25 March 2007
Note 2007 2006
£000 £000
Turnover 9,719 14,914
Cost of sales (10,751) (15,454)
-------- --------
Gross loss (1,032) (540)
Administrative expenses (596) (510)
-------- --------
Operating loss before exceptional items (1,427) (1,165)
Exceptional items (201) 115
-------- --------
Operating loss (1,628) (1,050)
Exceptional items - loss on disposal of fixed assets 2 (621) (157)
-------- --------
Loss on ordinary activities (2,249) (1,207)
Interest receivable 14 30
Interest payable and similar charges (212) (269)
-------- --------
Loss on ordinary activities before and after taxation (2,447) (1,446)
-------- --------
Loss per ordinary share:
Basic and Diluted 3 (0.47p) (0.33p)
-------- --------
Consolidated Balance Sheet
at 25 March 2007
2007 2006
£000 £000 £000 £000
Fixed assets
Intangible assets 109 133
Tangible assets 2,691 4,367
Current assets
Stocks 47 77
Debtors 1,547 1,225
Cash at bank and in hand 25 128
-------- --------
1,619 1,430
Creditors: amounts falling due within one year (2,819) (2,943)
-------- --------
Net current liabilities (1,200) (1,513)
-------- --------
Total assets less current liabilities 1,600 2,987
Creditors: amounts falling due after more than (2,226) (2,140)
one year
Provision for liabilities and charges (106) (308)
-------- --------
Net (liabilities)/assets (732) 539
-------- --------
Capital and reserves
Called up share capital 566 513
Share premium account 5,696 4,616
Share option reserve 43 -
Profit and loss account (7,037) (4,590)
-------- --------
Shareholders' (deficit)/funds (732) 539
-------- --------
Consolidated Cash flow Statement
for the period ended 25 March 2007
Note 2007 2006
£000 £000
Net cash outflow from operating activities 4 (1,443) (392)
Returns on investments and servicing of finance (198) (239)
Capital expenditure 377 397
-------- --------
Cash outflow before liquid resources and financing (1,264) (234)
Financing 923 649
-------- --------
(Decrease)/increase in cash in the period (341) 415
-------- --------
2007 2006
£000 £000
Reconciliation of net cash flow to movement in net funds
(Decrease)/increase in cash in the period (341) 415
Cash outflow from decrease in debt and lease financing 210 164
New finance leases (51) -
-------- --------
Movement in net funds in the year (182) 579
Opening net debt (2,258) (2,837)
-------- --------
Closing net debt (2,440) (2,258)
-------- --------
1. Basis of preparation
The results, cashflows and balance sheets are extracted from the audited
financial statements of Coffee Republic PLC and all of its subsidiary
undertakings made up to 25 March 2007.
The Directors consider that it is appropriate for the accounts to be prepared on
a going concern basis. At 25 March 2007 the Group had net liabilities of
£732,000 and net current liabilities of £1,200,000 although since the year end
the Group has raised £1,310,000 through the issue of equity. The Group is
dependent on the continued support of the Group's bank and on the rollout of the
franchising programme. The continued support of the Group's bank has been
provided on the basis of the Group's forecasts. These forecasts assume that the
rollout of the franchising programme continues in accordance with the Group's
plan. However, although the Group has a significant number of potential
franchisees in its pipeline, the pace of rollout of the franchise programme is
uncertain. To date, the franchising rollout programme has been in line with the
plan and in the opinion of the Directors will continue on plan.
2. Exceptional items- Loss on disposal of fixed assets
2007 2006
£000 £000
Loss on disposal of fixed assets (621) (58)
Provision for onerous leases - (182)
Release of provision for onerous leases - 83
-------- --------
(621) (157)
-------- --------
3. Loss per ordinary share
The basic loss per ordinary share is based on losses after taxation of
£2,447,000 (2006 - loss £1,446,000) and a weighted average number of shares in
issue of 517,628,866 (2006 - 440,375,194). There was no difference between basic
and diluted earnings per share in 2007 and 2006. Details of share options which
could potentially dilute basic earnings per share in the future, but which were
not included in the calculation of diluted earnings per share because they are
antidilutive for the period presented are included in the Group's financial
statements.
4. Reconciliation of operating loss to operating cashflows
2007 2006
£000 £000
Operating loss (1,628) (1,050)
Depreciation 643 1,017
Amortisation 24 24
Movement on onerous lease provision (147) (346)
Decrease in stocks 30 21
(Increase)/decrease in debtors (322) 102
Decrease in creditors (43) (160)
-------- --------
Net cash outflow from operating activities (1,443) (392)
-------- --------
5. Post Balance Sheet Events
In April 2007 the Company issued 28,275,265 0.1p ordinary shares in an open
offer to shareholders for gross proceeds of £707,000. In June 2007 the Company
issued 26,000,000 0.1p ordinary shares through a placing for gross proceeds of
£650,000.
6. Financial Information
The financial information set out above does not constitute the Company's
statutory accounts for the years ended 25 March 2007 or 26 March 2006, but is
derived from those accounts. Statutory accounts for 2006 have been delivered to
the Registrar of Companies and those for 2007 will be delivered following the
Company's annual general meeting. The auditors have reported on those accounts;
their reports were unqualified, did not contain statements under the Companies
Act 1985, s 237(2) or (3), but did include references to matters to which the
auditors drew attention by way of emphasis without qualifying their reports. The
matter of emphasis refers to going concern, and refers the readers of the 2007
accounts to the information contained within note 1 of this announcement.
Copies of the Annual Report and Accounts will be available at the Group's head
office at Ground Floor 109-123 Clifton Street, London EC2A 4LD and the
registered office at 50 Lothian Road, Festival Square, Edinburgh, EH3 9WJ as
soon as copies are posted to the shareholders. In addition, copies of the Annual
Report and Accounts will be available for download from our website address:
www.coffeerepublic .com
This information is provided by RNS
The company news service from the London Stock Exchange
29 June 2007 - Total Voting Rights
Coffee Republic PLC
29 June 2007
Coffee Republic PLC (the 'Company')
Total Voting Rights
In conformity with the Transparency Directive's transitional provision 6, the
Company notifies the market of the following:
As at the date of this announcement, the Company's issued share capital consists
of 619,843,569 ordinary shares with a nominal value of 0.1 pence each ('Ordinary
Shares'), with voting rights. The Company does not hold any Ordinary Shares in
Treasury.
Therefore, the total number of Ordinary Shares with voting rights is
619,843,569.
The above figure of 619,843,569 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 in their interest
in, the share capital of the Company under the FSA's Disclosure and Transparency
Rules.
This information is provided by RNS
The company news service from the London Stock Exchange
28 June 2007 - Franchise agreements
Coffee Republic PLC
28 June 2007
Coffee Republic PLC
28 June 2007
FOR IMMEDIATE RELEASE 28 June 2007
Coffee Republic plc
Announcement of Two Major Deals
Coffee Republic plc ('Coffee Republic' or 'the Company'), the independent coffee
and deli bar operator, announces that agreements have been reached with CR
Coffee Houses Limited ('CR Coffee Houses') for the Master Franchise Agreement
('MFA') for Northern Ireland and Eire and with East Coast Traders Ltd ('East
Coast Traders') for the UK Regional Development Franchise ('RDF') for the
territory of East Anglia. The RDF covers the counties of; Norfolk, Suffolk,
Essex, Cambridgeshire and Bedfordshire and the Unitary Authorities of Luton and
Peterborough.
IRELAND AND EIRE
Robert Mooney and Siobhan Mooney of the Mooney Hotel Group are taking the Master
Franchise Agreement as a new venture drawing on their experience in the Irish
service sector. They are looking to open their first outlet in the Abbeycentre
Belfast in the coming weeks.
Robert Mooney said:
'We are delighted to bring the quality international brand 'Coffee Republic' to
the Irish consumer. With continuing economic growth and leisure expenditure,
the Irish market and Coffee Republic will make for a perfect blend.'
EAST ANGLIA
The directors of East Coast Traders, Sean and Helen Gordon, have extensive
nationwide experience working in the retail, catering and licensing sectors for
a variety of leading national brands.
Commenting, Steven Bartlett, CEO of Coffee Republic, said:
'Ireland is a crucial market for Coffee Republic and we look forward to
introducing the Coffee Republic brand in this dynamic economy. We are sure that
this is a precursor to an exciting period of global expansion'
East Anglia is also an important area for the Company's planned expansion. This
area is experiencing the most rapid population growth in the country as well
exhibiting a consistently strong economic performance. We are therefore very
pleased to be announcing this RDF and are looking forward to a growing presence
in the region.'
Commenting, Sean Gordon said:
'We are very excited to be working with such a progressive brand and are very
keen to be a partner in the continued success and expansion of Coffee Republic.'
For further information:
Coffee Republic
Steven Bartlett 020 7033 0600
CR Coffee Houses Limited
Robert Mooney
East Coast Traders
Sean Gordon
This information is provided by RNS
The company news service from the London Stock Exchange
12 June 2007 - Share Placing
Coffee Republic PLC
12 June 2007
Coffee Republic PLC
12 June 2007
12 June 2007
Coffee Republic Plc ('Coffee Republic' or the 'Company')
Share Placing
The Board of Coffee Republic is pleased to announce that 26,000,000 new
ordinary shares of 0.1p each (the 'Placing Shares'), have been conditionally
placed at a price of 2.5p per share (the 'Placing'). The Placing will raise
£650,000 before expenses.
The Placing Shares represent 4.19% of the enlarged issued share capital of the
Company. The number of shares in issue following the Placing will be
619,843,569. The Placing Shares will rank pari passu with existing ordinary
shares of 0.1p each. Application has been made for the Placing Shares to be
admitted to trading on AIM. It is expected that they will be admitted to
trading on 15 June 2007. The Placing is not being underwritten and no
Directors are participating in the Placing.
The net proceeds of the Placing will be used to augment the support
infrastructure necessary for the anticipated growth in international
franchising. Recently there has been a significant increase in interest by
potential international franchisees and the Company believes that it is
appropriate to build the team of support staff in readiness for this
anticipated new business. The oversubscription of the open offer in March 2007
indicates that, at this price, there is demand for the shares and the Company
wishes to benefit from this situation now in order to fulfill its projected
growth plans.
Commenting, Peter Breach, Chairman, said:
'The level of interest in the Coffee Republic brand from both the UK and
internationally is very encouraging and to be sure of having adequate support
infrastructure in place it was felt wise to top up the funding recently
undertaken.'
Commenting, Steven Bartlett, Chief Executive, said:
'I have been very pleased by the growth level of overseas interest which
highlights our potential to become a global brand in the foreseeable future.'
For further information:
Coffee Republic
Steven Bartlett /Peter Breach 0207 033 0600
Nomad and Broker: Teather and Greenwood Ltd.
David Lynch: 0207 426 9000
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01 June 2007 - Franchise Agreement
Coffee Republic PLC
01 June 2007
Coffee Republic PLC
1 June 2007
Coffee Republic plc
Regional Development Agreement & Greene King PLC Agreement
Regional Development Agreement
Coffee Republic plc ('Coffee Republic' or 'the Company'), the independent coffee
and deli bar operator, announces that an agreement has been reached with CRSE
Ltd (CRSE) for the UK Regional Development Franchise ('RDF') for the territory
of Surrey.
CRSE presently hold the Regional Development Franchise for Kent and Sussex, the
addition of Surrey to their territory marks a strategic expansion brought on by
high levels of demand from prospective franchisees.
Commenting, Steven Bartlett, CEO, said:
'Since we have been working with CRSE, they have proved to be extremely
energetic and capable RDF partners. I am very excited that they have decided to
take a second territory as it shows that, with the right business partners, we
are creating a rapid expansion of the Coffee Republic brand across the country.'
Commenting, Joe Mair, Managing Director of CRSE, said:
'Adding Surrey to our RDF area gives us an even greater opportunity to expand
the Coffee Republic brand.'
Greene King PLC Agreement
Coffee Republic also announces the launch of their latest venture, 'Coffee
Republic Served Here'. Greene King PLC (Greene King) will be Coffee Republic's
first partner in this venture. Greene King is a national pub chain which has
approximately 2500 sites. After a successful trial, 'Coffee Republic Served
Here' is being rolled out to 28 of their London sites, with a view to extend the
partnership in the future. The concept allows businesses to install the fabulous
'Coffee Republic Served Here' offering within their own locations.
For further information:
Coffee Republic
Steven Bartlett 020 7033 0600
CRSE
Joe Mair 01474 703290
Website: www.coffeerepublic.co.uk
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18 May 2007 - Franchise Agreement
Coffee Republic PLC
18 May 2007
Coffee Republic PLC
18 May 2007
Coffee Republic plc
International Franchise Agreement
Coffee Republic plc ('Coffee Republic' or 'the Company'), the independent coffee
and deli bar operator, announces that agreement has been reached with Krruss
Holdings S.R.L. ('Krruss Holdings') for the Coffee Republic Deli franchise
rights for Romania. The agreement gives Krruss Holdings the right to develop
Coffee Republic delis and recruit franchisees to operate Coffee Republic delis
in Romania.
The CEO of Krruss Holdings, Salim Thava, has extensive retail and property
interests in Romania.
Commenting, Salim Thava of Krruss Holdings, said:
'We are very excited to have the opportunity to introduce the Coffee Republic
Deli format to Romania (population 23 million). Having just joined the EU in
January 2007, we believe that the stage is set for a brand such as Coffee
Republic to capitalise on the expected economic growth.'
Commenting, Steven Bartlett, CEO, said:
'We are extremely pleased to announce the International Franchise Agreement for
Romania. Salim Thava has vast experience in the Romanian retail sector and has
exciting plans for the growth of the Coffee Republic brand in Romania.
We have now completed three international franchise deals and are at an advanced
stage of discussions with further territories.'
For further information:
Coffee Republic
Steven Bartlett / Simon Drysdale 020 7033 0600
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15 May 2007 - Franchise Agreement
Coffee Republic PLC
15 May 2007
Coffee Republic PLC
15 May 2007
FOR IMMEDIATE RELEASE 15 May 2007
Coffee Republic plc
Regional Development Agreements
Coffee Republic plc ('Coffee Republic' or 'the Company'), the
independent coffee and deli bar operator, announces that an agreement
has been reached with FIMY Ltd ('FIMY') for the UK Regional Development
Franchise ('RDF') for The Channel Islands.
Frank De Jesus, Managing Director of FIMY, has twenty years of retail
experience in the UK and, in particular, in the Channel Islands.
Commenting, Steven Bartlett, CEO, said:
'I am thrilled to be signing the RDF agreement for The Channel Islands,
which opens up yet another new market for us. Frank and his team have
demonstrated to us that they have the contacts and experience necessary
to capitalise on all opportunities to expand the brand into the Channel
Islands.'
Commenting, Frank De Jesus of FIMY, said:
'Signing the RDF for The Channel Islands marks the start of an exciting
new challenge for both FIMY and Coffee Republic. We are very confident
that our extensive local knowledge will lead to great times ahead for
the brand.'
For further information:
Coffee Republic
Steven Bartlett / Simon Drysdale 020 7033 0600
FIMY Limited
Frank De Jesus 020 7033 0600
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The company news service from the London Stock Exchange
10 May 2007 - Franchise Agreement
Coffee Republic PLC
10 May 2007
Coffee Republic PLC
10 May 2007
FOR IMMEDIATE RELEASE 10 May 2007
Coffee Republic plc
Regional Development Agreements
Coffee Republic plc ('Coffee Republic' or 'the Company'), the independent coffee
and deli bar operator, announces that an agreement has been reached with CR
Dorset Ltd ('CR Dorset') for the UK Regional Development franchise ('RDF') for
the territory of Dorset.
The directors of CR Dorset; Marc Levy, Gavin Wilke, John Meara and Paul Pestana
have considerable experience in the retail and leisure industries both locally
and internationally.
Commenting, Steven Bartlett, CEO, said:
'We have been impressed by the enthusiasm and drive demonstrated by the CR
Dorset team and are very excited to be working with them in furthering the
company's expansion into this new region for us.'
Commenting, John Meara and Marc Levy of CR Dorset, said:
'We are delighted to have secured the Regional Development agreement for Dorset
with Coffee Republic. Construction has already begun on two sites which will
open in the very near future. Furthermore, we have had a very encouraging
response from prospective franchisees and look forward to our pipeline of new
bar openings growing from strength to strength.'
For further information:
Coffee Republic
Steven Bartlett / Simon Drysdale 020 7033 0600
CR Dorset Limited
Marc Levy 01202 709777
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The company news service from the London Stock Exchange
09 May 2007 - Directorate Change
Coffee Republic PLC
09 May 2007
For Immediate Release 9 May 2007
Coffee Republic Plc ('Coffee Republic' or the 'Company')
Directorate Change
The Board of Coffee Republic announces that Simon Drysdale, Finance Director,
will step down from the Board with effect from 31 July 2007. The Company's
Financial Controller, Roy Balint-Kurti, has been promoted to Head of Finance
and, whilst not a Board appointment, will be acting Director of Finance.
Commenting, Steven Bartlett, Chief Executive, said:
'I am disappointed that Simon has decided to leave but would like to acknowledge
his invaluable contribution to Coffee Republic over the last four years during
which he has steered the Company through some difficult times. I would like to
thank him for the way in which he handled the management transition in October
of last year and the support given to Peter Breach and myself once we joined
Coffee Republic.'
Commenting, Simon Drysdale, said:
'My four years with Coffee Republic have been stimulating and challenging in
equal measure and having been closely involved in the development of the
franchise strategy it is satisfying to leave the Company with a clear view of
the future. Whilst it is an exciting time of growth for Coffee Republic I have
been offered the opportunity to become involved in a new and innovative
restaurant concept which provides me with a fresh challenge.'
Commenting, Peter Breach, Chairman, said:
'It is disappointing to lose someone with Simon's experience but we are lucky to
have such a strong head office team and Coffee Republic's expansion will
continue apace. Indeed, the strength of the Coffee Republic brand and the
demand from franchisees from both within the UK and internationally will require
us to take on additional resource at head office particularly in the areas of
property and franchisee support.'
For further information:
Coffee Republic
Peter Breach / Steven Bartlett 0207 033 0600
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The company news service from the London Stock Exchange
02 May 2007 - Total Voting Rights
Coffee Republic PLC
02 May 2007
2 May 2007
Coffee Republic plc ('Coffee Republic' or the 'Company')
Total Voting Rights
In conformity with the Transparency Directive's transitional
provision 6, the Company notifies the market of the following:
Following admission today of the shares pursuant to the Open Offer,
the Company's issued share capital consists of 593,843,569 ordinary
shares with a nominal value of 0.1 pence each ('Ordinary Shares'),
with voting rights. The Company does not hold any Ordinary Shares in
Treasury.
Therefore, the total number of Ordinary Shares with voting rights is
593,843,569.
The above figure of 593,843,569 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 in their interest in, the share capital of
the Company under the FSA's Disclosure and Transparency Rules.
In respect of the Result of Open Offer announcement dated 27 April
2007, in the first paragraph it should have stated that the Company
was making an Open Offer of up to 28,278,265 New Ordinary Shares
rather than 28,275,265 New Ordinary Shares, and in the fifth
paragraph that application had been made to admit 28,278,265 new
Ordinary Shares to trading on AIM rather than 28,275,265 new Ordinary
Shares.
This information is provided by RNS
The company news service from the London Stock Exchange
27 April 2007 - Result of Open Offer
Coffee Republic PLC
27 April 2007
27 April 2007
Coffee Republic plc ('Coffee Republic' or the 'Company')
Result of Open Offer
It was announced on 2 April 2007 that Coffee Republic was making an
Open Offer of up to 28,275,265 New Ordinary Shares at 2.5p per share.
The Open Offer closed at 11.00 am on 26 April 2007 by which time the
Company had received valid applications in respect of 21,976,803 New
Ordinary Shares relating to Shareholders' Pro Rata Entitlements.
This represents a take up of 77.7 per cent.
In addition, valid applications were received for 89,069,313 New
Ordinary Shares for the 6,301,462 New Ordinary Shares available under
the Excess Application Facility. It has therefore been necessary to
scale back applications under the Excess Application Facility.
As indicated in the circular to shareholders dated 2 April 2007 (the
'Circular'), the Directors, other than Stephen Bartlett, all
subscribed for their maximum individual Pro Rata Entitlement and no
additional New Ordinary Shares under the Excess Application Facility.
Having invested substantially in the Placing announced on 20 March
2007, Mr. Bartlett irrevocably undertook not to participate in the
Open Offer. Following completion of the Open Offer, the Directors'
interests in the share capital of the Company will be:
Ordinary Shares % of the Enlarged
Issued Share Capital
Peter Breach 79,485,000 13.38
Stephen Bartlett 77,000,000 12.97
Simon Drysdale 2,100,000 0.35
Nicholas Jeffrey 808,498 0.14
Application has been made to admit 28,275,265 new Ordinary Shares to
trading on AIM. The number of Ordinary Shares in issue following
admission will be 593,843,569. Dealings in these New Ordinary Shares
will commence at 8.00 am on 2 May 2007.
Commenting on the result, Peter Breach, Chairman, said 'I would like
to thank all of our shareholders for their solid show of support for
the new business strategy and the prospects for the future as shown
by the Open Offer being almost four times oversubscribed.'
Contacts
Coffee Republic plc
Peter Breach / Stephen Bartlett /Simon Drysdale 020 7033 0600
Teather & Greenwood Limited
James Maxwell / David Lynch 020 7426 9000
Note: Words and expressions as defined in the Circular shall, unless
the context requires otherwise, have the same meaning in this
announcement.
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10 April 2007 - Holding(s) in Company
Coffee Republic PLC
10 April 2007
10 April 2007
Coffee Republic plc (the 'Company')
Notice of Change in Notifiable Interest
The Company was notified in accordance with DTR 5 of the Transparency
Obligations Directive (Disclosure and Transparency Rules) Instrument 2006 on
Thursday, 5 April 2007 that Deutsche Bank AG and its subsidiary companies no
longer have a notifiable interest in the Company.
The Company was also notified under the same Rules that Credit Agricole
Cheuvreux International Ltd holds 23,900,000 shares in the Company, which
represents 4.02 per cent. of the issued share capital.
Contacts
Coffee Republic plc
Simon Drysdale 020 7033 0600
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The company news service from the London Stock Exchange
02 April 2007 - Open Offer
Coffee Republic PLC
02 April 2007
2 April 2007
Coffee Republic plc ('Coffee Republic' or the 'Company')
OPEN OFFER OF UP TO 28,278,265 ORDINARY SHARES
Coffee Republic, the independent coffee and deli bar operator, announces that it
proposes to raise approximately £707,000 before expenses by means of an open
offer of up to 28,278,265 Ordinary Shares with an Excess Application Facility.
Summary of the Open Offer
• 28,278,265 Ordinary Shares at 2.5 pence per share
• Participation based on 1 New Ordinary Share for every 20 Existing Ordinary
Shares
• Raising approximately £707,000 before expenses
• Proceeds will be used to:
o develop infrastructure for support of regional and international
franchisees;
o provide the necessary capital investment to secure suitable retail
premises prior to installing franchisees;
o reduce borrowings; and
o provide general working capital.
Commenting on the Open Offer, Peter Breach, Chairman, said: 'The Company has
changed significantly since it was decided to move away from a Company operated
bar model two years ago and is now emphatically a franchise brand. The Board
believes that accelerating its franchise programme, both domestically and
internationally, is in the best interests of the Company and shareholders.
The Open Offer will allow us to invest in the infrastructure needed to support
our growing network of franchisees, to secure desirable retail premises and to
act upon the Board's commitment to reduce the Company's debt. The Directors
believe that Coffee Republic is now making significant progress. I hope that
shareholders will show their continued support for the Company by taking up
their entitlements under the Open Offer.'
Further information:
Coffee Republic plc
Peter Breach / Steven Bartlett / Simon Drysdale 020 7033 0600
Teather & Greenwood Limited
James Maxwell / David Lynch 020 7426 9000
Open Offer of up to 28,278,265 New Ordinary Shares at 2.5p per share
with an Excess Application Facility
Introduction
The Board of Coffee Republic (the 'Board') announces today that in order to
provide the Company with appropriate levels of funding to facilitate its
vigorous expansion plans, it proposes to raise approximately £650,000 (net of
expenses) through an Open Offer. Approximately £900,000 (net of expenses) has
already been raised through the Placing announced on 20 March 2007. Qualifying
Shareholders are invited to participate in the Open Offer at the Issue Price on
the basis of 1 New Ordinary Share for every 20 Existing Ordinary Shares held on
the Record Date.
As described in more detail below (under the heading 'Open Offer'), Qualifying
Shareholders are also being offered the opportunity under the Excess Application
Facility to apply for more than their Pro Rata Entitlement with such
applications being scaled back in the event that the Open Offer is over
subscribed.
A circular (the 'Circular') containing details relating to the Open Offer is
being sent to shareholders today.
Background
Having decided to move away from a Company operated bar model two years ago,
Coffee Republic is now emphatically a franchise brand. To date the Company has
completed two International Master Franchises in Bulgaria and Turkey and six
Regional Development Franchises and it is well on its way to franchising the
vast majority of the existing Coffee Republic bars. In addition, two new sites
have been opened from the outset as franchised sites and the pipeline of both
franchisees and sites is strong. The Board continues to be encouraged by the
volume and calibre of both domestic and international franchise opportunities
being presented to the Company.
To allow the Company to take advantage of these opportunities the following two
key objectives need to be implemented:
a) the development of an appropriate infrastructure to support the growing
network of international and regional franchises and to facilitate expansion
into new international markets; and
b) the securing of suitable retail premises, which requires capital investment
prior to installing franchisees, thereby enabling an acceleration of new
franchise openings. These funds will be reinvested in further sites once
franchisees have been installed.
The achievement of these objectives will enable the Company to grow at an
accelerated rate both domestically and internationally and hasten the delivery
of value to Shareholders. Additionally, the Board is committed to reducing the
Company's debt.
Current trading
The table below provides an analysis of like-for-like sales between Company
operated bars and franchised bars. The deterioration in like-for-like
performance of Company operated bars is disappointing. However, the importance
of Company operated bars to the performance of the business as a whole is
diminishing, as these bars are converted to franchises. In the last twelve
months the Company has opened two franchise bars and converted eighteen Company
operated bars to franchises bringing the total number of franchised bars to 25
out of a portfolio of 41 bars. The performance of franchise bars accords with
the expectations of the Board and validates the franchise strategy.
Unaudited Like-for-Like Sales
First Half Second Half Full Year Last
Ended Ended Ended 8 Weeks
24 September 25 March 25 March
2006 2007 2007
Company Operated Bars* (4.3)% (5.4)% (5.2)% (8.3)%
Franchise Bars* 9.8% 17.0% 12.1% 19.3%
Total Network (1.0)% 3.5% 0.8% 4.7%
* Bars are excluded for the relevant period of an external event that makes the
data incomplete. For example for the week that a bar is closed for refurbishment
or for the duration of the Gate Gourmet strike for the Heathrow bars.
The overall like-for-like performance of the Company is improving and the figure
of 4.7% positive for the last eight weeks is encouraging.
Banking facilities
The Company currently has a £2,000,000 term facility and a £750,000 overdraft
facility with Barclays. A debt repayment of £500,000 is scheduled for the end
of May 2007 at which time the remaining £1,500,000 term facility will be
renewed. The terms of the renewal have yet to be agreed, but it is the intention
of the Board to use the proceeds generated by the premiums paid by international
franchisees, regional franchisees and franchisees of existing Company operated
bars to reduce borrowings when prudent.
Use of proceeds
The combined proceeds of the Placing and the Open Offer, net of expenses and
assuming take-up in full under the Open Offer, will be £1.55 million. The Board
intends to apply these proceeds:
• to develop the infrastructure for support of the regional and international
franchisees;
• to provide the necessary capital investment to secure suitable retail
premises prior to installing franchisees;
• to reduce borrowings; and
• for general working capital purposes.
Should the Open Offer not be taken up in full by Qualifying Shareholders, lower
levels of funds will be directed towards capital investment in new sites and
developing the infrastructure for regional and international franchisees.
Open Offer
The Company is proposing to raise up to £707,000, before expenses, by the issue
of up to 28,278,265 New Ordinary Shares at the Issue Price pursuant to the Open
Offer.
The Issue Price has been set at 2.5p per New Ordinary Share to afford Existing
Shareholders the opportunity to subscribe for Ordinary Shares at the same price
as the Placing.
Qualifying Shareholders who wish to subscribe for New Ordinary Shares under the
Open Offer are invited to apply for as many New Ordinary Shares as they wish up
to the total number of New Ordinary Shares being offered under the Open Offer.
Applications by Qualifying Shareholders will be satisfied in full up to their
Pro Rata
Entitlement of:
1 New Ordinary Share for every 20 Existing Ordinary Shares
held at the close of business on the Record Date.
Fractional entitlements to New Ordinary Shares will not be issued to Qualifying
Shareholders and no cash payments will be made in lieu of fractional
entitlements.
Accordingly Pro Rata Entitlements will be rounded down to the nearest whole
number. Fractional entitlements, together with the New Ordinary Shares
attributable to those Overseas Shareholders who are not eligible to participate
in the Open Offer will be aggregated and made available under the Excess
Application Facility and the proceeds from the issue of such New Ordinary Shares
will be retained for the benefit of the Company. The New Ordinary Shares issued
under the Open Offer (including any New Ordinary Shares issued under the Excess
Application Facility) are to be paid for in full on application.
Excess Application Facility
In addition Qualifying Shareholders may apply for additional New Ordinary Shares
up to the total number of New Ordinary Shares being offered under the Excess
Application Facility (but excluding that Qualifying Shareholder's Pro Rata
Entitlement). Qualifying Shareholders may only apply for additional New Ordinary
Shares under the Excess Application Facility if they have properly applied for
their maximum Pro Rata Entitlement as set out on their Application Form in the
case of Qualifying Non-CREST Shareholders or credited to their CREST account in
the case of Qualifying CREST Shareholders.
In the event that applications are received for an aggregate number in excess of
the number of New Ordinary Shares available under the Excess Application
Facility, such applications will be scaled back. In the first instance, the
number of Existing Ordinary Shares held by the applicant will be taken into
consideration. Secondly the number of New Ordinary Shares applied for will be
taken into consideration. It is the intention of the Board that all Qualifying
Shareholders who make an application under the Excess Application Facility will
be allotted a proportion of the New Ordinary Shares which they apply for under
the Excess Application Facility.
Any fractional shares which arise or the acceptance of any application which
could potentially trigger a Rule 9 Offer will be dealt with in the absolute
discretion of the Board.
Directors' interests
Each of Mr Breach, Mr Drysdale and Mr Jeffrey have given irrevocable
undertakings to subscribe for their Pro Rata Entitlement under the Open Offer
and will not make any application under the Excess Application Facility.
Mr Bartlett, having subscribed for 6,000,000 Ordinary Shares under the Placing,
has given an irrevocable undertaking not to apply for any New Ordinary Shares
under the Open Offer.
Therefore, the Excess Application Facility will comprise at least 4,000,000 New
Ordinary Shares.
In the event that no Qualifying Shareholders, other than the Directors as set
out above, apply for New Ordinary Shares under the Open Offer, the resulting
interests of the Directors in the Enlarged Issued Share Capital would be:
Name Ordinary Shares Percentage of
Enlarged Issued
Share Capital
Peter Breach 79,485,000 13.96
Stephen Bartlett 77,000,000 13.52
Simon Drysdale 2,100,000 0.37
Nicholas Jeffrey 808,498 0.14
Expected timetable of principal events
Record Date for Open Offer 28 March 2007
Date of despatch of the Circular 2 April 2007
Entitlements credited to stock accounts in CREST 2 April 2007
Recommended latest time and date for requesting withdrawal of Pro Rata 4.30 pm on 19 April 2007
Entitlements from CREST
Latest time and date for depositing Pro Rata Entitlements into CREST 3.00 pm on 23 April 2007
Latest time and date for splitting Application Forms 3.00 pm on 24 April 2007
Latest time and date for receipt of Application Forms and CREST Excess 11.00 am on 26 April 2007
Application Forms in CREST and USE instructions and payment in full
Admission effective and dealings commence on AIM 8.00 am on 2 May 2007
CREST accounts credited 8:00 am on 2 May 2007
Share certificates despatched 16 May 2007
Overseas shareholders
The New Ordinary Shares will not be registered under the