Share issue

Parsley Box taps shareholders for more cash

Parsley-Box-founders
Parsley Box co-founder Adrienne MacAuley with CEO Kevin Dorren

Parsley Box, the direct to consumer provider of ready meals, is tapping shareholders for a further £7 million (£5.6m net) to target new customers and prop up the balance sheet.

The company, headed by Chris van der Kuyl and Kevin Dorren, will raise £5.9 million through a placing and subscription and £1.1m via a 3-for-23 open offer to qualifying shareholders at 20p per share.

The directors and associates intend to contribute £4.2 million of the fundraising which is not being underwritten.

The issue price represents a premium of approximately 11.1% to the closing share price on 9 March.

The company said its strategy is designed to increase revenues from high-quality customers which will help the company achieve EBITDA profitability.

FinnCap is acting as nominated adviser and broker in connection with the placing. The placing shares are being offered by way of an accelerated book build, which will be launched immediately.

The company’s value has collapsed since its flotation in March last year when the shares were priced at 200p, capitalising the business at £83.8m.

Shares were trading 3p higher today at 21p, valuing the company at £12m.



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