News blog
Snacktime
- BY: Andrew Hore |
- POSTED: 26/05/2015 |
Vending machines operator Snacktime has raised £100,000 from a subscription at 10p a share - a premium to the market price
Management and directors are buying all of the new shares. This will reduce the company’s debt to £1.92m.
Vendia Groep has sold 4.3 million shares at 10p each and 1.82 million warrants to subscribe for shares at 2p each for 8p each. Michiel Slinkert has sold his 544,786 shares at 10p each. Neither investor holds any more shares in Snacktime. All of these shares and warrants were acquired by the wife of non-executive director Boris Belotserkovsky. He acquired 150,000 shares in the placing. This takes his interest to 19.5% of the enlarged share capital and he plans to exercise the warrants.
Versatel will own 47.7% of Snacktime. The members of the Belotserkovsky Concert Party have a 67.6% stake in Snacktime even before the warrants are exercised.
The Co-operative Bank has suspended covenant testing for its loan until the end of September. The fundraising was the first condition with the second condition being the raising of £200,000 more by the end of November. The concert party will probably subscribe for these shares. A further £110,000 repayment will be made by the end of this year so the loan should be reduced to £1.61m.
There are also £600,000 of convertible loan notes due for redemption at the end of 2015.
The share price rose 1.25p to 9.25p on the news of the fundraising, which is still at a premium to the subscription price.
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