31st May 2018 17:50
LONDON (Alliance News) - Wine maker Gusbourne PLC said Thursday that it will undertake an equity raise in the coming months through a subscription of new ordinary shares from Lord Ashcroft KCMG PC and other investors to support the company's long-term development strategy.
Proceeds from the subscription will continue to be applied towards working capital and capital expenditure, in-line with the company's long-term strategic plan.
The UK listed company also said that it has secured a GBP1 million loan from Lord Ashcroft KCMG PC to meet immediate working capital requirements. The loan is intended to be repaid in full through conversion into new ordinary shares as part of the subscription agreement, when it concludes.
Shares in Gusbourne closed at 65.30 pence, down 3.3%.
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