Pizza firm DP Poland Plc (LON:DPP) has already opened nine stores so far this year and it will be able to open a few more after it successfully raised £5.25mln from investors.
Impressively, DPP raised the cash by issuing 12.2mln shares at 43p per share, slightly above yesterday’s closing price of 42.63p.
The AIM-listed firm told investors it will use the funds to maintain its roll-out of new stores in the Eastern European country, with as many as 35 earmarked for opening over the next two years or so.
WATCH: DP Poland's £5.25mln raise 'all about maintaining momentum', says CEO Peter Shaw
As well as that, DP Poland said it would also beef up its investment in marketing.
Speaking yesterday evening when the placing was first announced, chief executive Peter Shaw said: “We wish to underpin our store opening momentum through 2018 and 2019, while encouraging sub-franchisee funded store openings.
“To this end an additional investment in the business of £5m would enable us to open additional corporate stores, provide loan capital for further sub-franchised store openings and support additional marketing in support of sales growth, all contributing to the establishment of Domino's Pizza as a key player in the Polish pizza delivery market.”
All four non-executive directors – Christopher Moore, Gerald Ford, Nick Donaldson and Rob Morrish – subscribed for a combined total of 510,000 shares as part of the placing.
The new shares represent just over 8% of the company and are expected to be admitted to trading on AIM on Friday (9 June).
Shares jumped 4% in early deals to 44.5p.