11th Mar 2016 13:20
LONDON (Alliance News) - AIM-listed Distil PLC on Friday welcomed Miton UK Microcap Trust to its list of shareholders, as the rum, gin and vodka drinks company conditionally raised GBP626,259 in a placing of shares to fund marketing of its brands.
In a statement, Distil said it is issuing 62.6 million new shares at 1.0 pence per share, a premium to the mid-market closing price of 0.85p on Thursday. The stock was up 22% at 1.03p on Friday afternoon.
Miton UK Microcap Trust will end up with a 10% stake in the company, equivalent to 49.9 million placing shares. Bero SCA, a company associated with the French de Rothschild family and a long-term existing shareholder, is participating in the placing to maintain its stake at 13.17%, subscribing for 8.2 million shares.
"Following on from the success of brands created and developed by the company, in particular RedLeg Spiced Rum, we are delighted that the placing proceeds will allow us to increase our marketing efforts and to open up new markets," Executive Chairman Don Goulding siad.
"We remain confident for the fourth quarter of the financial year and expect full year performance to be in line with the board's expectations," Goulding added.
By Samuel Agini; [email protected]; @samuelagini
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