News blog

DP Poland

  • BY: Andrew Hore |
  • POSTED: 02/01/2015 |

Hargreave Hale has doubled its stake in DP Poland, the Domino’s Pizza franchisee for Poland, to 16.7%.

Just before Christmas DP Poland announced a new share incentive plan for management which covered awards over 7.37 million shares. Two-fifths of the awards are dependent on financial performance in 2016 and 40% on share price performance in the fourth quarter of 2016. The other 20% is dependent on the control of central costs over three years to the end of 2016.

In November, DP Poland sold and sub-franchised five company managed stores in Warsaw. Three of the stores are being bought by the first sub-franchisee Jakub Stepien and all four of his stores will be managed through Rush Hour Pizza, where he is a shareholder. Working Capital Management PTE is a backer of Rush Hour Pizza and it has been provided with a right to subscribe for 9.99% of the enlarged share capital when there is a share-based fundraising.

HLM Group, which is owned by two former area managers, is acquiring the other two stores.

The five stores sold made a small loss in the first half of 2014. DP will receive £576,000 from the disposals, including payment of an outstanding loan.

DP Poland retains 13 company-owned stores and has six sub-franchised stores.

DP Poland had cash of £5.59m at the end of June 2014 and this was expected to fall to £3m by the end of 2014, but the disposals should mean that the cash position is better. However, a fundraising will probably be required in 2015 if the company want to continue its current rate of expansion. DP Poland is still some way from generating cash from operations.

The share price is at an all time low of 7.63p.

AIM Journal December 2014 available.

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