Gusbourne PLC - Kent-based winemaker - Raises GBP2.6 million through placing and subscription of 3.0 million shares at a price of 75 pence each. Placing price reflects 39% discount to Gusbourne's closing price on Friday at 123p.
Panmure Gordon acted as bookrunner for the placing. Company will also launch an open offer to raise a further GBP2.0 million at the placing price.
The funding will be used to support business growth, such as by boosting visitor capacity at the company's cellar door operations, lifting marketing expenditure to promote sales growth and investing in digital promotion.
Following all these efforts, Gusbourne expects that all remaining short-term debt on the balance sheet will be "eliminated".
Gusbourne now has 50.0 million shares issued overall.
Current stock price: 105.00 pence, down 15% on Monday
Year-to-date change: up 68%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Gusbourne (GUS)