Various Eateries PLC - London-based operator of UK restaurants under Coppa Club, Tavolino and Noci brands - Raises GBP10.1 million in gross proceeds, or GBP9.7 million in net proceeds, via the placing of 40.4 million new shares at a price of 25 pence per share. Proceeds will be used to roll out up to three new Coppa sites and ten new Noci sites over the next 18 months. Expects admission of shares to trading on AIM to begin on December 27. Also executes converting 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: 25.50 pence, down 1.9%
12-month change: down 20%
By Greg Rosenvinge, Alliance News senior reporter
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Various Eat. (VARE)