12th Jun 2020 17:47
(Alliance News) - Escape Hunt PLC said Friday it intends to raise up to GBP4.0 million though the issue of shares and loan notes, the proceeds of which will go towards the roll-out of owner-operated sites, operational improvements and working capital purposes.
The escape room operator will raise up to 46.6 million shares at a price of 7.5 pence per share through an accelerated bookbuild, for which Shore Capital Stockbrokers and Zeus Capital are acting as joint brokers.
The issue price reflects a discount of 21% to the closing price on Thursday of 9.50 pence. Shares in Escape Hunt closed down 3.7% at 9.15 pence on Friday in London.
In addition to the placing, Escape Hunt will also issue up to 2.2 million shares through a subscription, conduct an open offer on the basis of one open offer share for every four ordinary shares.
Finally, the group will issue GBP340,000 in convertible loan notes.
The final number of placing shares will be agreed by Escape Hunt and the brokers at the close of the bookbuild.
Looking ahead, Escape Hunt plans to open a further 5 to 6 UK owner operated sites within a year of the fundraising, as the company expects property market conditions to offer highly attractive opportunities when the time comes.
By Dayo Laniyan; [email protected]
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