LONDON (Alliance News) - Real Good Food PLC said Friday it had raised GBP1.0 million through an oversubscribed, though heavily discounted, open offer as part of the process of refinancing the cake decoration firm.
In mid July, Real Good Food had proposed to raise up to GBP1.0 million through the issue of 20.1 million shares at 5.00 pence per share. The cash raised is to be used for working capital.
Shares in Real Good Food were 5.3% lower at 9.00 pence on Friday.
On Friday, Real Good Food explained it had received valid acceptances with respect to 30.0 million shares. This represents a more than one-and-a-half times demand for the shares offered.
All shareholders who applied for shares will receive their entire application in full. Any investors who sought excess shares will receive around 61% of their excess application on a pro rata basis.
In total, Real Good Food will issue 20.1 million shares in line with its original offer. Admission of these shares to trading is expected next Friday assuming investors approve the offer at the general meeting next Monday.
