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Real Good Food confirms details of £1mln open offer for future working capital purposes

The AIM-listed food producer said it will issue up to 20,115,190 open offer shares at a price of 5p each. Real Good Food shares closed trading at 11p each on Tuesday
Cakes
Hugh Cawley, Real Good Food’s chief executive officer, commented: "We are pleased to launch the Open Offer today which allows all Qualifying Shareholders to participate in the refinancing of the Company"

Real Good Food PLC (LON:RGD) has confirmed details of an open offer to raise up to £1.0mln for future working capital purposes announced at the start of last month.

The AIM-listed food producer said it will issue up to 20,115,190 open offer shares at a price of 5p each. Real Good Food shares closed trading at 11p each on Tuesday.

READ: Real Good Food finalises terms on funding

The open offer comes after the firm agreed terms for at least £8.2mln in new financing arrangements with its three major shareholders back in May.

The group had already said those major shareholders - being Napier Brown Holdings, Omnicane and certain funds of Downing LLP - do not intend to take up their entitlement under the open offer.

Hugh Cawley, Real Good Food’s chief executive officer, commented: "We are pleased to launch the Open Offer today which allows all Qualifying Shareholders to participate in the refinancing of the Company.

“The new funding arrangements we have put in place over the prior months of which the Open Offer and Loan Note Replacement are part, ensure that the Company will operate with a much more robust and sustainable financial platform, providing the certainty from which the Board will be able to implement its plan to improve the Group's performance."

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