Somerset-based leather manufacturer Pittards has announced successful discussions with a trade investor to invest up to £1 million.

The unnamed trade investor has agreed subject to finalisation of a subscription agreement, to invest up to £1 million via the issue of up to 25,000,000 new ordinary shares under the current open offer to shareholders, subject to its shareholding being less than 30 per cent. of the Enlarged Voting Share Capital on Admission.

 The number of new Ordinary Shares for which the Trade Investor is prepared to subscribe will therefore be dependent on the take-up of the open offer. If the trade investor is unable to subscribe for £1 million of new ordinary shares it will invest up to a further £124,000 by way of zero coupon unsecured convertible loan notes, convertible into ordinary shares at the issue price. Based on the minimum fundraise of £1.16 million the Trade Investor would be able to invest an aggregate approximately £638,670.

The trade investor's subscription is expected to be conditional, inter alia, on the satisfaction of certain conditions by 8.00 a.m. on 28 July 2023.

Share this story: