News blog
SnackTime
- BY: Andrew Hore |
- POSTED: 21/11/2008 |
Vending machines operator SnackTime is raising just over £1m to finance its expansion.
The company is raising £420,000 from a share placing at 90p each and a further £600,000 from a convertible loan note issue - £550,000 to Unicorn and £50,000 to Elderstreet. The loan notes have a coupon of 8% a year and are redeemable on 16 December 2013. They can be converted into shares from 16 December 2011 but the initial statement does not appear to say the conversion price.
A placing at 144p a share raised £3m when SnackTime joined Aim on 19 December 2007.
Interim figures to September 2008 will be issued in December.
In the past six months the number of vending machines operated by SnackTime has increased from 6,500 to 7,800. The company is maximising its returns by using recycled machines.
The additional cash will enable more investment in vending machines. It has been increasingly difficult to obtain hire purchase and bank finance to fund expansion.
The snack vending machines operator’s turnover increased 27% to £3.8m in the year to March 2008. Reported profits fell but, stripping out the December 2007 flotation costs, the profits increased from £189,000 to £254,000.
SnackTime has produced better than expected results since joining Aim and trading continues to be positive.
At 95p a share, SnackTime is valued at £6.64m.
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