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East Imperial pops cork in London after reversing into Bermele

Proceeds of the placing will be used for further development of its e-commerce platform and new product development

Bermele PLC -

New Zealand-based drinks maker East Imperial PLC (LON:EISB) has arrived on the London Stock Exchange after completing a reverse takeover with cash shell Bermele PLC.

East Imperial, which produces and markets a range of ultra-premium mixers and beverages sold mostly in the Asia-Pacific region and in the USA, raised gross proceeds of £3mln by way of an oversubscribed placing at an issue price of 10p per share.

Bermele completed the acquisition of East Imperial for an aggregate consideration of £24.45mln.

The shares will initially trade under Bermele's name until the change of name to East Imperial, which was approved by shareholders on 16 July.

A rival to London-listed Fevertree Drinks PLC (LON:FEVR), East Imperial's range utilises all-natural ingredients, low natural sugar content, and a genuine 1903 East African family recipe, it says.

Proceeds of the placing will be used to support the company's continuing expansion, it added, including further development of its e-commerce platform and new product development. 

Chief executive Tony Burt said: "I'm delighted that East Imperial will commence trading on the London Stock Exchange today. It marks the start of the next chapter of expansion for our business as we look to capitalise on the increasing demand for ultra-premium mixers across the globe. I'm grateful for all the support shown by our existing and new investors and look forward to the exciting prospects for our business in the years ahead."

Quick facts: East Imperial PLC

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LSE:EISB

Price: 20 GBX

Market Cap: £59.8 m

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