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    Home ยป Roebuck Food Group Plans Share Placement for Food Distribution Acquisition
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    Roebuck Food Group Plans Share Placement for Food Distribution Acquisition

    November 3, 20231 Min Read
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    Roebuck Food Group, a London-listed company, has announced its intention to raise up to 2.5 million pounds ($3.1 million) through a discounted share placing. This move comes after the company conditionally agreed to acquire food distribution business Moorhead & McGavin for GBP2.225 million.

    Share Placement Details

    The company plans to place shares at a price of 13.5 pence each, representing a 10% discount to the stock’s closing price of 15.0 pence on Thursday. The proceeds from the share placement will be primarily used to fund the acquisition and fulfill general working capital requirements.

    Approval Process

    The equity raise is contingent upon receiving approval for the acquisition. Shareholders will have the opportunity to vote on the matter at an extraordinary general meeting scheduled for Dec. 1.

    Acquisition Details

    Roebuck Food Group will pay GBP2.075 million in cash for Moorhead & McGavin, with an additional GBP150,000 to be paid through the issuance of new shares.

    Moorhead & McGavin’s Performance

    Moorhead & McGavin, a supplier of pulses, cereals, pasta, and rice to the food service industry, reported revenue of GBP7.3 million in 2022. Its earnings before interest, taxes, depreciation, and amortization stood at GBP377,000, according to Roebuck.

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