Thursday 1st April 2021
|Text too small?|
Savor Limited, is pleased to announce that it has successfully completed its fully underwritten capital raise to shareholders. The rights issue was soundly supported by shareholders with 20,585,293 shares taken up by shareholders, totalling $3.6 million, and 13,370,560 shares to be subscribed for by underwriters, to raise a total of $6 million. The capital raised will be used to fund the recently announced acquisition of the Amano, Ortolana and The Store venues from Hipgroup and to add strength to the Group’s balance sheet. The Group is expected to have approximately $7 million cash on hand to support growth and a total debt ratio of approximately 2 times operating earnings.
The Board also announces that it has appointed Kiwibank as the Group’s new banking partner. It would like to thank its incumbent, Bank of New Zealand, for their work and support, particularly through the divestment of Moa Brewing. Bank of New Zealand has also expressed interest in a co-banking relationship with Kiwibank on future growth aspirations in the hospitality sector, which the Board will explore with both institutions once the integration has been completed.
Geoff Ross, Chairman of Savor, said: 'It has been pleasing to receive support from shareholders through the capital raise, and it is a clear signal of the markets confidence in the Group’s strategy to focus on its hospitality business, which was envisioned by the Board two years ago.
“The Non-Solo Pizza acquisition demonstrated the Group’s ability to successfully integrate iconic venues. The award-winning venues, Amano, Ortolana and The Store, located in Auckland’s premier hospitality precinct, Britomart, strategically expand Savor’s footprint in the flagship area and cement Savor Group’s position as a leader in the hospitality industry,” he concluded. Savor expects that the new shares will be allotted, and statements sent out to shareholders on or about 8 April 2021.
Please see the link below for details:
No comments yet
NZME Limited (NZX: NZM) NZ Markets Disciplinary Tribunal Censures
Rua Bioscience Limited (NZX: RUA) Announces CCO with Global Pharma Experience
Cannasouth Limited (NZX: CBD) Supply Activity Added to Cannasouth Commercial Licence
Skellerup Holdings Limited (NZX: SKL) Upgrades FY21 Earnings Guidance
Napier Port Holdings Limited (NZX: NPH) 2021 Earnings Guidance Update
Comvita Limited (NZX: CVT) Full Year Guidance Update
Scott Technology Limited (NZX: SCT) Meat Industry Contract Win
PaySauce Limited (NZX: PYS) Quarterly Market Update
NZ Windfarms Limited (NZX: NWF) Agrees a New VVFPA for Q1 2022 to Q3 2022
Harmoney Corp Limited (NZX: HMY) 3Q21 Trading Update