Potential Trade Investor
Pittards has revealed that a trade investor has expressed conditional interest in investing up to £1 million. This would be accomplished through the issuance of up to 25 million new ordinary shares at a price of 4 pence per share. However, the investor’s participation is subject to certain conditions, including restrictions on ownership percentage.
Alternative Funding Option
In the event that the investor is unable to invest the full £1 million, Pittards has also arranged an alternative option. The company has secured the potential for an additional investment of up to £124,000 through zero coupon unsecured convertible loan notes.
Conditions for Investment
Pittards acknowledges that the trade investor’s commitment is dependent on the satisfaction of several conditions. The primary requirement is that the company successfully raises £1.2 million through an equity fundraise. Additionally, the agreement of new banking facilities is essential to finalize the investment.
The future of Pittards hangs in the balance as it strives to secure the necessary capital to sustain its operations. By pursuing potential investment opportunities and seeking alternative funding options, Pittards aims to overcome these challenges and navigate through this critical period successfully.