Nightcap Plc (AIM:NGHT) entered into an asset purchase agreement to acquire Certain assets of DC Bars and Tuttons Brasserie for £4.65 million on June 9, 2023. The consideration of £4.15 million in cash on completion and a further £0.5m payable based on certain conditions being met. In conjunction with the Acquisition, Nightcap has raised a total of £5.0 million, through a subscription of 19,583,333 of new ordinary shares in the Company (the "Subscription Shares") at 12 pence per share, being a premium of 26.3% to Nightcap's last closing mid-market share price on June 8, 2023, to raise £2.35 million and the issue of £2.65 million new convertible loan notes.

The Initial Consideration has been satisfied fully in cash and funded by Nightcap from a combination of the issue of: (i) the Subscription Shares at a price of 12 pence per share to new and existing shareholders in Nightcap; and (ii) £2.65 million of new convertible loan notes ("CLNs"), raising a total of £5.0 million for Nightcap. Sean Page, Nicholas Jennings, Ben Henry, Kirsty Harrower, Nick Elwell-Sutton, Marc Abrahams and Leigh Smith of Locke Lord (UK) Llp acted as legal advisor and Nick Naylor, Alex Brearley, Piers Shimwell, Jos Pinnington, Amrit Nahal and Tony Quirke of Allenby Capital Limited acted as financial advisor to Nightcap.