Propel Morning Briefing Mast Head Propel Hospitaliity website Paul's Twitter Link Subscribe Unsubscribe Web Version Forward Email Star Pubs & Bars Banner Morning Briefing Strap Line
Thu 16th Apr 2020 - City Pub Group cuts net debt by two-thirds after raising £22m
City Pub Group cuts net debt by two-thirds after raising £22m: City Pub Group has cut its net debt by two-thirds after raising £22m in an oversubscribed share placing. A total of 30 million new ordinary shares have been issued under a placing involving current shareholders, raising gross proceeds of £15m. Meanwhile, in excess of 14 million new ordinary shares have been taken up under an open offer, raising gross proceeds of about £7m. The company stated: “Application has been made for 44,015,634 new ordinary shares to be admitted to trading on AIM and it is expected admission will become effective and trading will commence in the new ordinary shares at 8am on 17 April 2020. Following admission, the total number of voting rights in the company is 103,759,425 (excluding 1,925,000 JSOP shares that do not have voting rights). This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the company under the Financial Conduct Authority's disclosure guidance and transparency rules.” Executive chairman Clive Watson said: “We are delighted with the oversubscribed take up of the open offer demonstrating strong support from existing holders in addition to welcoming new shareholders over and above the oversubscribed £15m placing. The net effect of the money raised is the balance sheet has been significantly strengthened with net debt cut by two thirds. We continue to run the business tightly, seeking to reduce the cash burn rate further and negotiations continue with the landlords of our leasehold pubs. We continue to be grateful to all stakeholders in the company at this challenging time and it is our goal to ensure we take advantage of the strong position we now have when the current restrictions are lifted.”

Return to Archive Click Here to Return to the Archive Listing
Punch Taverns Link
Return to Archive Click Here to Return to the Archive Listing
Propel Premium
Heineken Smart Dispense Banner
Jagermeister Banner
Ritual Banner
Biffs Banner
Peak-Ryzex Banner
Trail Banner
Fetch Banner
Wagestream Banner
Accolade Wines Banner
Zonal Banner
Bizimply Banner
Jagermeister Banner
Lucky Saint Banner
StoreKit Banner
McCain Banner
Taylors of Harrogate Banner
Chika's Banner
The Vegetarian Butcher Banner
Zonal Banner
Taylors of Harrogate Banner
Harri Banner
Lifebuoy Banner
Eagle Eye Banner
Interiors UK Banner
Ei Group Banner
KAM Media Banner
Veneers Banner
Access Banner
Prestige Purchasing Banner
IOL Banner
COREcruitment Banner
Startle Banner
Bums on Seats Banner
Pago Banner
Punch Taverns Link Punch Taverns Link
Ritual Banner
ALMR Web Link Web Version Unsubscribe Subscribe Propel Info website