Listed company Pittards a renowned British producer of luxury leather goods, which gained the approval of its shareholders on 11 April to conduct an equity fund raise, has agreed indicative terms for the restructuring of its existing debt facilities with Lloyds Bank of approximately £10.1m.
Plans for the equity fundraise are underway and it is understood that this includes discussion with a significant trade investor. The company’s shares will be suspended from 3rd July, 2023, until the business publishes its audited accounts for 2022.
In its statement to the London Stock Exchange the business said: “Shareholders should note there can be no certainty of the outcome of these discussions. Accordingly, in the light of the company’s reducing cash position, should the company be unable to complete the £1.5m fundraising, the prospects for recovery of value, if any, by shareholders would be uncertain.
“In order to facilitate the conclusion of an equity raise, Lloyds Bank has agreed to extend the company’s existing banking facilities until 31st July 2023. In the meantime, the company continues to operate at or around the ceiling of its bank facilities.”
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