18th Jun 2024 19:02
Essentially Group PLC - London-based investment and holdings company focused on the health and food & beverage sectors - Announces the approval for listing by the Vienna MTF, operated by the Vienna Stock Exchange. Says the offering is for up to USD25.1 million 12% fixed rate notes due 2027. Admission to listing and trading is expected to start on Wednesday. The Notes, which mature in 2027, have a cash coupon with an interest rate of 12% per annum payable semi-annually and are secured by fixed and floating charges over corporate assets of the company.
Says proceeds from the offering will be used to fund new machinery, facility expansions, increased automation in the manufacturing process and increasing productivity capacity and lowering costs. Further, funds are also expected to be deployed towards research and development of new products, as well as marketing and business development, it adds.
Chief Executive Officer Raja Wail Abuljebain comments: "We are very pleased that our notes have been approved for listing by the Vienna MTF. This note offering forms a key part of our strategy for 2024 and beyond, allowing us to expand our operations to meet newly won contracts and improve our operational efficiency. "
Current stock price: 45.00 pence
12-month change: down 18%
By Sophie Rose, Alliance News senior reporter
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