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LONDON (Alliance News) - DP Poland PLC shares slumped on Thursday as it said Chief Executive Peter Shaw will be leaving, while it is also to raise some cash.
Shaw co-founded DP Poland and has led the business since October 2010, shortly after it acquired the master franchise agreement for Domino's Pizza in Poland.
Pending the appointment of a replacement, Nick Donaldson, non-executive chair, and Rob Morrish, non-executive director, will take a more active role in the running of the business.
DP Poland is to raise GBP5.3 million via a share placing at 6.00 pence. Shares were down 46% on Thursday morning at 7.80p.
This placing price is a 58% discount to the closing mid-market price of 14.35p on Wednesday
In addition, DP Poland has authorised its broker, Peel Hunt, to raise up to GBP500,000 at the same issue price through a broker option in order to allow existing and other investors to participate in the fundraising.
The new shares, alongside the broker options, will represent 63% of the existing share capital.
DP Poland will use the funds to maintain the medium-term store roll-out and support the company's sales and marketing programmes for 2019.
