(“
EPIC:CDGP
Completion of subscription for shares raising approximately £18.53m
and
Intention to launch an Open Offer to existing shareholders
Funds will be used to accelerate the growth of the business
This announcement does not contain or constitute an offer of, or the solicitation of an offer to buy or subscribe for, any securities of the Company in any jurisdiction.
The Fundraising
Investors including IPGL, the family office of
The New Shares will be issued under the board's existing authorities.
Application will be made for the New Shares to be admitted to the NEX
Exchange Growth Market and it is anticipated that this will occur on 15th
The funds raised pursuant to the Fundraising will be used to enable the Company to satisfy the ever-increasing demand for its award-winning products. The proceeds of the Fundraising will be used:
- To grow the wine business by securing new vineyard land of c.500 acres and managing that land to fruition, as well as building new stock;
-
To invest in the sales and marketing of our
Chapel Down and Curious brands and further strengthen the Company’s world class team to support its future growth ambitions; - To accelerate the growth of our beer business including the fit out of the shop, bar and visitor experience at the Ashford brewery;
- To build a strong position in the sprits market through the recently launched Gin and Vodka brands; and
- To enable the company to be best placed to take advantage of acquisition and consolidation opportunities that may arise.
The Open Offer
The Open Offer is expected to launch by 19th December and will be open to those who are shareholders as of close of business on 12th December, and will target a raise of up to £1.47m. Further details will be provided in a separate announcement in due course.
Existing shareholders will be notified by post or in the case of Seedrs investors by email from Seedrs.
Trading Update
As a result of the Fundraising, the Company is providing the following trading update.
The Company has delivered consistent growth over the last 6 years with a 25% compounded annual growth rate in sales.
The business continues to thrive and despite the challenges of the English weather, turnover is expected to be at or above £11.6m for the current financial year, in line with management and the board’s expectations.
Following the expansion of the senior team with the hiring of
Whilst the focus will be on rapid beer growth next year, the delivery of the brewery at the end of 2018 will see a further structural EBITDA margin enhancement from 2019.
“This is a transformational moment for
Director’s Interests
Following the Fundraising, but excluding the shares to be issued under the Open Offer, the issued share capital of the Company will be 138,080,948 ordinary shares. The Directors’ interests are detailed below.
As at the record date | Following Admission** | Following Admission*** | |||||||||||
Director |
Number of |
Percentage |
Number of |
Percentage of |
Number of Ordinary |
Percentage |
|||||||
P Brett | 13,352,097 | 13.22% | 13,352,097 | 9.67% | 13,352,097 | 9.47% | |||||||
J Dunsmore | 5,029,410 | 4.98% | 5,429,410 | 3.93% | 5,429,410 | 3.85% | |||||||
M Harvey | 5,971 | 0.01% | 15,971 | 0.01% | 15,971 | 0.01% | |||||||
F Thompson | 2,202,867 | 2.18% | 2,222,867 | 1.61% | 2,222,867 | 1.58% | |||||||
R Woodhouse | 909,951 | 0.90% | 929,951 | 0.67% | 929,951 | 0.66% | |||||||
N Wray* | 21,797,168 | 21.58% | 22,797,168 | 16.51% | 22,797,168 | 16.17% | |||||||
Total number |
101,020,948 | 138,080,948 | 141,020,948 |
*Of the above total 20,439,269 Ordinary Shares are held by family trusts
in which
** These numbers and percentages are calculated on the basis that none
of the Open
*** These numbers and percentages are calculated on the basis that the
Open
For further information on
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01580 763 033 | ||||
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Chief Executive | ||||
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Finance Director | ||||
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020 7102 1000 | ||||
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finnCap Ltd |
020 7220 0500 | ||||
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Headland |
020 3805 4822 | ||||
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This announcement contains statements that are, or may be deemed to be, "forward‐looking statements". These forward‐looking statements may be identified by the use of forward‐looking terminology, including the terms "believes", "expects", "anticipates", "intends", "plans", "estimates", "aim", "forecast", "projects", "may", "will" or "should" or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions. Forward‐looking statements may and often do differ materially from actual results. The forward‐looking statements reflect the Company's current view with respect to future events and are subject to risks relating to future events and other risks, uncertainties and assumptions relating to the Company's business, results of operations, financial position, liquidity, prospects, growth, strategies and the industry in which the Company operates. The forward‐looking statements speak only as of the date they are made and cannot be relied upon as a guide to future performance. Forward‐looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward‐looking statements. As a result, investors are cautioned not to place undue reliance on such forward‐looking statements. Forward‐looking statements speak only as of their date and the Company and any of such person's respective directors, officers, employees, agents, affiliates or advisors expressly disclaim any obligation to supplement, amend, update or revise any of the forward‐looking statements made herein, except where it would be required to do so under applicable law. It is up to the recipient of this announcement to make its own assessment as to the validity of such forward‐looking statements and assumptions. No statement in this announcement is intended as a profit forecast or a profit estimate.
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014.
LEI: 213800BAUCZ4OXC97W72
Classification: 2.2 Inside Information
View source version on businesswire.com: http://www.businesswire.com/news/home/20171212006279/en/
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