Various Eateries PLC - London-based operator of UK restaurants under Coppa Club, Tavolino and Noci brands - Announces conditional placing to raise approximately GBP10 million by issuing new shares "to certain existing shareholders and other investors" at 25 pence each. Price represents a discount of around 3.9% to the closing price of 26p per share on Tuesday. Proceeds will be used to roll out up to three new Coppa sites and ten new Noci sites over the next 18 months.
Various Eateries also confirms intention to convert a deep discounted bond and certain secured loan agreements into new shares at the placing price. Company issued the bond, which has a nominal value of GBP10.8 million, to Friends Provident in mid-April. The loan agreements are with TDR Capital Ltd and Anella Ltd, which is owned and controlled by Executive Chair Andy Bassadone.
Current stock price: 25.00 pence, down 3.9% in London on Wednesday
12-month change: down 22%
By Emma Curzon, Alliance News reporter
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Various Eat. (VARE)