Ashfords LLP has advised AIM listed Pittards plc (the "Company") on its Placing and Open Offer which raised a total of c.£5.5 million (before expenses).
Pittards plc is a specialist producer of technically advanced leather and luxury leather goods for sale to retailers, manufacturers and distributors.
The Placing and Open Offer comprised an oversubscribed placing of new shares which raised £4.8m, whilst the Open Offer made to existing shareholders raised over £750,000. The new shares issued to shareholders pursuant to the Placing and Open Offer were admitted to trading on AIM on 5 June 2015, and were issued at a price of 120p per new share (representing a discount of 12.4 per cent. against the mid-market price at which the Company's shares were quoted on AIM on the last trading day prior to the announcement of the Placing and the Open Offer).
The proceeds of the Placing and Open Offer have been applied in part towards the purchase of the freehold title of the Company's premises at Sherborne Road, Yeovil for a total of £3.6 million (part-funded as to £2.1m by the Company's bankers, Lloyds Bank) with the balance of the proceeds providing additional working and investment capital for the Pittards Group.
The Ashfords team was led by Corporate Partner James Lyons, whilst Andrew MacMillan-Scott (Partner) and Morwenna Pestell (Associate) also advised the Company on the purchase of its Yeovil property.
Jill Williams, Finance Director and Secretary of Pittards plc commented:
"This was a complicated transaction in that several aspects were conditional on each other and we were impressed with the way Ashfords managed the tight timetable and co-ordinated all parties involved."
James Lyons, Corporate Partner at Ashfords commented:
"We are delighted to have played a key part in assisting Pittards with its successful equity fundraising and on the strategic purchase of the freehold of its head office premises."