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Distil PLC on Thursday said its stake in Ardgowan Distillery Co Ltd as fallen after it did not participate in a share subscription at the company. The London-based owner of premium alcoholic drinks brands said it previously held a convertible loan note relative to Ardgowan, which converted to equity last month. Ardgowan said it has raised £1.1 million by the issue of 42,820 new shares at an issue price of £25 each, comprising 9.3% of its issued share capital. Distil said it did not subscribe for any shares in the offer, given its prioritisation of its cash reserves. As a result, Distil’s shareholding in Ardgowan has fallen to around 9.6% from 10.5%. It continues to hold 48,247 shares in Ardgowan. The raise was conducted by Ardgowan as part of the ‘wider exercise’ to simplify its balance sheet, which included the conversion of all convertible loan notes into shares. Ardgowan has raised the cash to settle other debts, subsequently releasing the next tranche of £2 million from the revolving credit facility from Nationwide Building Society, trading as Virgin Money. ‘This further loan from Virgin Money significantly improves the company’s cash runway and allows Ardgowan to continue to lay down valuable malt whisky stocks for ageing,’ it said. Shares in Distil were up 26% at 0.076 pence on Thursday in London. Copyright 2026 Alliance News Ltd. All Rights Reserved.
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