Company saved10 Apr 2024 19:26
As an alternative to the potential Restructuring Plan, the Company has today launched the Formal Sale Process, to explore whether a sale of the Company will provide a more beneficial outcome for stakeholders than the Restructuring Plan. In addition, the Company is exploring whether a sale of one or more of the Company's subsidiaries, or the business and assets of one or more of the Company's subsidiaries, including the Plan Company, will provide a more beneficial outcome for stakeholders than the Restructuring Plan (the "M&A Process").
Highlights
· Proposed Fundraising to raise up to £10.5 million via a Firm Placing and Subscription and up to approximately £2.0 million via the Placing and Open Offer.
· Cornerstone investments of £9.5 million, being £3.0 million from Luke Johnson, £3.0 million from Robus SCSp, SICAV-FIAR - Robus Recovery Fund II ("Robus") and £3.5 million from three key existing shareholders.