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Fuller, Smith & Turner launches discounted equity raise; targets cashflow positive from mid-May
StockMarketWire.com
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Pubs and hotels business Fuller, Smith & Turner detailed plans to raise £53.6 million at a discount ahead of its reopening of pubs and hotels as it targeted a return to cashflow positive from mid-May 2021 onwards.
The company said it would take a phased approach to reopening with 82 sites opening initially and the remainder of its managed pubs and hotels largely trading by 17 May, while approximately 70% of the group's Tenanted Inns were expected to open on 12 April.
The company announced a placing of up to 6,455,447 new 'A' shares at a price of 830 pence per share, a discount of 4.6%. The fundraise comes as the company aims to bolster its balance sheet amid a monthly cash burn of approximately between £4 million and £5 million during periods of full lockdown.
In the second half of FY21, the business would have been fully closed for four months.
'The group plans to take a phased approach to reopening with 82 sites opening initially and the remainder of its Managed Pubs and Hotels largely trading by 17 May, while approximately 70% of the Group's Tenanted Inns are expected to open on 12 April,' the company said.
'Fuller's is well placed to reopen strongly as trading restrictions are eased and to benefit from the expected significant pent-up customer demand as the UK economy reopens,' it added. At 8:08am: (LON:FSTA) Fuller Smith Turner PLC share price was 0p at 746p
Story provided by StockMarketWire.com
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