12th Oct 2018 17:34
LONDON (Alliance News) - Patisserie Holdings PLC on Friday said it has successfully raised GBP15.7 million through a share placing announced earlier in the day.
The company had said it planned to raise around GBP15 million. It placed 31.5 million shares at 50 pence each, with shares last quoted at 429.50p per share before the stock was suspended from trading following Wednesday's news.
The bookbuild was run by Cannacord Genuity Ltd.
Alongside the original placing announcement, the Patisserie Valerie owner said it would be agreeing GBP20 million of loans from Executive Chairman Luke Johnson, made up of a GBP10 million three-year interest-free loan and a GBP10 million bridge facility.
Patisserie has been struggling since it announced potentially fraudulent accounting irregularities on Wednesday, and on Thursday said it needed immediate cash to keep going and avoid administration.
On Thursday, Finance Director Chris Marsh was arrested and released on bail, while on Friday the UK Serious Fraud Office said it is investigating an unnamed individual connected to the firm.
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Patisserie Holdings Plc