Pittards seeks to raise £1.85 million
Somerset-based leather manufacturer Pittards has said it is seeking to raise a minimum of £1.16 million ($1.5 million) in order to continue trading, with the possibility of falling into administration if funding is unsuccessful. Any more raised over this amount will be used for additional working capital headroom and used towards the outstanding overdraft the company said in a statement.
Using management share subscriptions and a shareholder open offer, the UK firm is seeking to raise up to £1.72 million ($2.2 million) through the open offer, where existing shareholders will be offered a discounted price against the pre-suspended share price on the basis of three new ordinary shares for each one held, with 43.1 million shares available. A further £125,000 ($161,000) is to be raised through management team purchases at the issue price.
The fundraising is conditional upon shareholder approval at a general meeting being held on July 27.
