3rd Nov 2023 18:57
Roebuck Food Group PLC - Newry, Northern Ireland-based protein and product sourcing company - Raises just over GBP2.1 million via placing of around 15.7 million shares at 13.5 pence each. Further, raises GBP375,000 via subscription for 2.8 million shares. Raises GBP2.5 million in total.
Earlier Friday, Roebuck said it has agreed to buy Moorhead & McGavin Ltd for GBP2.2 million, and announced plans for the fund-raising.
It said the proceeds of the placing would be used to pay for the acquisition of Moorhead and for "general working capital requirements."
Moorhead & McGavin is a food and food ingredient distribution business based in Motherwell, North Lanarkshire. It specialises in supplying pulses, cereals, pasta and rice to the food service industry. In 2022, it reported revenue of GBP7.3 million and earnings before interest, tax, depreciation & amortisation of GBP377,000.
Current stock price: 13.00 pence
12-month change: up 36%
By Jeremy Cutler, Alliance News reporter
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