11
April 2024
East Imperial
plc
("East Imperial", the
"Company" or the "Group")
Continuing discussions with
potential funding sources
East Imperial plc, the global
purveyor of super-premium beverages, provides an update on
discussions with potential sources of finance.
As announced on 24 January 2024, the
Company raised approximately £325,000 by way of a placing to help
finance the establishment the Company's US base and distribution
network and to reflect the fact that sales in China were growing
slower than expected. The Company stated at that time that it
required additional working capital to finance operations during
2024.
On 2 February 2024, the Company
announced that it would seek additional working capital to finance
operations beyond the current cash runway through to April 2024,
and therefore convened a general meeting ("GM") to obtain additional authorities
to allot shares to provide the Company with the ability to raise
working capital for the period after April 2024.
On 19 February 2024 the necessary
resolutions were passed at the GM to grant the additional
authorities to allot shares on a non pre-emptive basis.
The Company has been in discussions
with a wide range of potential sources of finance, including debt
funders, over the last few months to seek to provide the working
capital required for the continuation and development of the
business. These discussions continue and the Company will provide
further updates with the results of these discussions as soon as
possible. The Group's short-term cash position has been aided
by recent revenue performance as indicated in the trading update
announcement issued on 22 February 2024, although remains
constrained and is being carefully managed.
This announcement contains
inside information for the purposes of Article 7 of the UK version
of Regulation (EU) No 596/2014 which is part of UK law by virtue of
the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon
the publication of this announcement via a Regulatory Information
Service, this inside information is now considered to be in the
public domain.
For
further information, please contact:
|
East Imperial plc
Anthony Burt
|
investors@eastimperial.com
|
|
Allenby Capital Limited (Broker)
Guy McDougall / Matt Butlin (Sales
and Corporate Broking)
Jeremy Porter / Piers Shimwell
(Corporate Finance)
|
+44 (0)20 3328 5656
|
About East Imperial
Founded in New Zealand and Singapore
in 2012, East Imperial produces a range of super-premium mixers
that sell throughout APAC, the US and EMEA. Guided by a clear
strategy to capitalise on the growing demand for premiumisation
across the beverage industry, East Imperial has sold over 33
million bottles in over 20 countries since its founding, with
popular products including Old World Tonic Water, Grapefruit Tonic
Water, Yuzu Tonic Water and Mombasa Ginger Beer. In 2023, East
Imperial won 8 medals at the coveted Tonic & Mixers Masters
Competition in London.
The Company was founded on the
philosophy of creating exquisite products defined by heritage,
tradition, and authenticity. All products are made from the highest
quality, all-natural ingredients, reflecting East Imperial's
commitment to providing a sustainable product and minimising
environmental impacts at every stage of the manufacturing process.
For more information about East Imperial and its ultra-premium
mixers.
Visit https://www.eastimperial.com/