Shareholders in Scottish ready meals delivery group Parsley Box snubbed the company’s open offer, with only £140,000 or 12.85% raised of the £1.1m proposed total.

Together with £5.9m pledged from a placing of shares, the company raised gross proceeds of £6.07m, about £1m short of the target.

Chris van der Kuyl, non-executive chairman of the Edinburgh-based company, has acquired shares worth £1.87m giving him a 19.2% stake.

Chief executive Kevin Dorren bought shares worth £1.1m and now holds 15.2%.

Other investors who bought shares in the fund raise included non-executive director Ana Stewart.

Parsley Box was valued at £83.8m when it was admitted to the Alternative Investment Market exactly a year ago.

Since then the shares have plummeted as it issued a succession of downbeat statements on slowing demand, a widening of pre-tax losses, and supply chain difficulties.

The shares closed today at 21p, valuing the company at £12m.