Warpaint London PLC Ward & Hagon Contract Renewal (6556P)
19 Februar 2021 - 8:00AM
UK Regulatory
TIDMW7L
RNS Number : 6556P
Warpaint London PLC
19 February 2021
Warpaint London PLC
("Warpaint", the "Company" or the "Group")
Ward & Hagon Contract Renewal
Warpaint London plc (AIM: W7L), the specialist supplier of
colour cosmetics and owner of the W7 and Technic brands, announces
that it has renewed its contract with Ward & Hagon Management
Consulting LLP ("Ward & Hagon") (the "Contract").
As announced on 6 February 2020, the Company appointed Ward
& Hagon, a provider of practical business solutions, to assist
it in implementing its strategic growth plan. As a result of a
successful initial period, whereby they assisted the Group in
accessing new retail channels (including Tesco) the Company is
pleased to announce that the Contract with Ward & Hagon, has
been renewed for a further 12 months.
The Contract has a total annual value of GBP210,000 (which will
be satisfied from the Group's operating cash flows), and includes
the services of Paul Hagon, an executive director of the Company
and Martyn Ward, amongst other members of the Ward & Hagon team
. In addition Ward & Hagon will be paid a commission of 3% on
all sales generated from their introductions in the 12 month period
from the point of first sale, and 4% on all sales generated from
their introductions in the 12 month period thereafter.
The board is of the view that the services provided under the
Contract represent value to shareholders through assisting the
Company achieving is near term objectives. Accordingly, Ward &
Hagon will continue to focus on assisting the Group access new
retail channels both in the UK and overseas.
Related Party Transaction
Paul Hagon, an executive director of Warpaint, is a member of
Ward & Hagon. Accordingly the renewal of the contract is
classified as a related party transaction pursuant to the AIM Rules
for Companies. The independent directors of the Company (being all
executive and non-executive directors except Mr Hagon), having
consulted with N+1 Singer, the Company's Nominated Adviser,
consider that the terms of the Contract renewal are fair and
reasonable insofar as the Company's shareholders are concerned.
Enquiries:
Warpaint London c/o IFC
Sam Bazini - Chief Executive Officer
Eoin Macleod - Managing Director
Neil Rodol - Chief Financial Officer
N+1 Singer (Nominated Adviser & Joint
Broker)
Shaun Dobson, Jen Boorer, Alex Bond -
Corporate Finance
Tom Salvesen - Corporate Broking 020 7496 3000
Shore Capital (Joint Broker)
Patrick Castle, Daniel Bush - Corporate
Advisory
Fiona Conroy - Corporate Broking 020 7408 4090
IFC Advisory (Financial PR & IR)
Tim Metcalfe
Graham Herring
Florence Chandler 020 3934 6630
Warpaint London plc
Warpaint is made up of two divisions.
The largest division sells branded cosmetics under the lead
brand names of W7 and Technic. W7 is sold in the UK primarily to
retailers and internationally to local distributors or retail
chains. The Technic brand is sold in the UK and continental Europe
with a significant focus on the gifting market, principally for
high street retailers and supermarkets. In addition, this division
supplies own brand white label cosmetics produced for several major
high street retailers. The Group also sells cosmetics using our
other own brand names of Man'stuff, Body Collection, Vintage, Very
Vegan, and Chit Chat.
The other division trades in close-out and excess inventory of
branded cosmetics and fragrances from around the world.
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END
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