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(Alliance News) - Revolution Bars Group PLC on Friday said it plans to raise GBP15.0 million in a share placing to ensure the bar operator can "emerge from the Covid-19 pandemic in a position of strength".
Revolution also proposed delisting from the London Main Market and shifting to the AIM junior market.
For the fundraising, Revolution will first place 45.0 million shares at 20 pence each, raising GBP9.0 million.
It then plans to raise a further GBP6.0 million through the issue of 30.0 million shares, at the same price, under an open offer.
The 20p placing price is a 42% discount to Revolution's closing price on Thursday, and the stock was down 26% at 25.52p each on Friday morning in London.
"The proceeds of the fundraising will be used by the group to achieve an appropriate level of indebtedness and emerge from the Covis-19 pandemic in a position of strength," the company said.
"In addition, and in conjunction with the fundraising, the company also announces proposals to cancel the admission of the company's ordinary shares to listing on the Financial Conduct Authority's official list and to trading on the London Stock Exchange's main market for listed securities and its intention to apply for admission of its existing issued ordinary shares and the new ordinary shares to trading on AIM."
AIM is a more "appropriate" venue for Revolution, the company said, as it allows for quicker and cheaper fundraising.
By Eric Cunha; ericcunha@alliancenews.com
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