A letter of intent has been sent to Dumarca Holding Limited from Intertain Group Limited, who are hoping to purchase all of the share capital and assets, which will include Vera and John Casino.
The letter of intent is not legally binding. However, we would say that the deal is likely to go ahead, due to them offering to pay €44.5 Million in cash for the company and €36.5 Million in Intertain shares. A potential further payment may also have to be made if Vera and John Casino’s EBITDA (earnings before interest, taxes, depreciation and amortisation) for 2015 and 2016 go above the agreed threshold.
We will keep you updated with any developments.