Parsley Box shares up 20% on £7m fundraising

Shares of Edinburgh-based ready meals firm Parsley Box Group plc rose about 20% on Thursday after it announced a proposed equity fundraising of £5.9 million via a placing at 20p a share and an open offer to qualifying shareholders to raise up to £1.1 million.

The company’s directors and associates intend to participate, in aggregate, £4.2 million of the fundraising,” said Parsley Box.

“The issue price represents a premium of approximately 11.1 per cent. to the closing share price on 9 March 2022 (being the latest practicable date prior to this announcement).

“The fundraising is not being underwritten.”

Parsley Box, which serves the “Baby Boomer+” demographic,  joined the stock market in March last year at £2 per share but the firm has suffered a torrid first year as a public company with its shares down almost 90%.

On Thursday, Parsley Box shares rose about 20% to 22p.

Parsley Box said the proceeds of the fundraising will be used on targeted new customer acquisition, developing a membership program to start a customer community, product development “for food, food + and beyond food strategy” and on open offer funds “which will be used to strengthen the balance sheet and general working capital to support a 4-year-old scale up business.”

The net cash proceeds of the fundraising will be £5.6 million.

About the Author

Mark McSherry
Dalriada Media LLC sites are edited by veteran news journalist Mark McSherry, a former staff editor and reporter with Reuters, Bloomberg and major newspapers including the South China Morning Post, London's Sunday Times and The Scotsman. McSherry's journalism has also appeared in The Washington Post, The Guardian, The Independent, The New York Times, London's Evening Standard and Forbes. McSherry is also a professor of journalism and communication arts in universities and colleges in New York City. Scottish-born McSherry has an MBA from the University of Edinburgh and a Certificate in Global Affairs from New York University.