21st Apr 2020 14:34
(Alliance News) - Franchise Brands PLC on Tuesday said it has raised gross proceeds of GBP14 million from a previously announced share bookbuild.
The multi-brand franchise business on Monday had said it would issue up to 19.9% of its share capital to strengthen its balance sheet and for further working capital amid the Covid-19 pandemic.
It has issued 15.6 million shares at 90 pence per share under the bookbuild. Shares in the company were up 7.8% at 99.20 pence each in London on Tuesday afternoon, giving it a market capitalisation of GBP79.1 million.
The shares will be issued in two tranches with 11.5 million issued on Monday next week and further 4.1 million shares at the end of April after shareholder approval.
Directors chipped in GBP2.1 million toward the fundraise.
Chair Stephen Hemsley subscribed GBP1.4 million worth of shares, Chief Financial Officer GBP9,999, Chief Information Officer Colin Rees GBP25,000, Non-Executive Director & Co-Founder Nigel Wray GBP500,000, Non-Executive Director David Poutney GBP112,500 and Non-Executive Director Rob Bellhouse GBP25,000.
By Tapan Panchal; [email protected]
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