26th May 2021 13:01
Revolution Bars Group PLC - bars chain based in Ashton-under-Lyne, England - Raises GBP21 million gross from issue of 105.0 million shares at 20 pence per share. New shares represent about 46% of enlarged share capital. Shares down 28% on Wednesday at 23.90p. Raise requires approval at general meeting called for June 14.
Chief Executive Rob Pitcher says: "Thanks to the support of our shareholders and new investors, this successful fundraising will allow Revolution Bars to emerge from this period of disruption in a strong position with a fit for purpose balance sheet which provides us with ongoing financial flexibility and an excellent platform from which to deliver for all our shareholders.
"We now have the firepower to deliver strong proven returns from the refurbishment of the remainder of our uninvested bars and the ability to take advantage of opportunities that undoubtedly will arise from a very dislocated market."
Pitcher adds trading has been "outstanding" since initial virus restrictions were lifted in England.
Current stock price: 23.90 pence, down 28% on Wednesday
Year-to-date change: up 1.7%
By Paul McGowan; [email protected];
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