9th Jun 2014 08:27
LONDON (Alliance News) - Vending machine company SnackTime PLC Monday said it has raised GBP570,000 gross through a subscription for new shares that will provide the company with working capital and the means to reduce its debt.
The subscription will increase Boris Belotserkovsky's stake in the company to 26.14% of its shares, from 7.3% previously, it said.
In a statement, SnackTime said that Versatel Co Ltd, a newly incorporated vehicle registered in the UK whose directors are Belotserkovsky and Oleg Chulkov, subscribed for the 3.8 million shares at 15 pence each. Dealings in the new shares are expected to begin on Tuesday. SnackTime said it will have 20.1 million shares in issue at that time.
Belotserkovsky and Gillian White will be appointed as non-executive directors.
Belotserkovsky, who is both a Russian and US citizen, is chairman and sole owner of Uvenco Holdings Ltd, a Russian vending company. He also has shareholdings in Oplata LLC and Transvend CJSC, which are both involved in vending. White is an executive board member of both the European Vending Association and the Automatic Vending Association and is a director of 24Vend Limited, a consultancy giving global advice to vending clients.
"The addition of Boris and Gillian to our board will allow SnackTime to benefit from a wealth of vending experience from across Europe. After a tough five years, new technologies are just beginning to revolutionise vending, improving both the retail experience and corporate profitability. Today's announcement underlines SnackTime's commitment to capitalise on these developments here in the UK," Executive Chairman Jeremy Hamer said in a statement.
SnackTime shares were Monday quoted at 13.13 pence, up 9.4%.
By Samuel Agini; [email protected]; @samuelagini
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