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Parsley Box float on AIM

March 2021

 

 

Based in Edinburgh, Parsley Box was founded in March 2017 by husband-and-wife team Gordon and Adrienne MacAulay following the couple’s discovery of limited options for delivery of ready meals for Gordon’s mother. Since then, Parsley Box has grown to offer a ‘one stop shop’ for its target market when it comes to mealtimes, by providing a growing range of quick and simple ambient ready meals which require no refrigeration and have a shelf life of up to six months.

Today, the Company delivers ready meals direct to the underserved Baby Boomer+ consumer, broadly defined as those aged 60 and over. Its mission statement is to promote, support and celebrate independent living by making mealtimes easier and more enjoyable for everyone.

 

Admission to Trading on AIM

On 31st March 2021, admission and dealings commenced on AIM by way of offers of up to 2,500,000 new Ordinary Shares and 6,000,000 existing Ordinary Shares at 200 pence per Ordinary Shares.

The Offers comprised a placing of 1,353,255 new Ordinary Shares and 6,000,000 existing Ordinary Shares with institutional and other investors, a customer offer of 646,745 new Ordinary Shares and a direct subscription with existing shareholders of 500,000 new Ordinary Shares.

The Offers have conditionally raised gross proceeds of approximately £17 million, comprising £5 million for the Company and £12 million for the Selling Shareholders.

 

Reasons for the admission

The net proceeds of the Offers receivable by the Company were approximately £3.9 million will be applied principally as follows:

  • To accelerate the Group’s growth profile through investment into marketing and customer acquisition;
  • New product development and category expansion to help drive average order value; and
  • Costs relating to Admission and an additional working capital buffer

The Directors believe that Admission will be beneficial to the Group for the following reasons:

  • It will raise the Group’s profile;
  • The Group will be better positioned to attract, recruit and retain key employees who may be further incentivised through the New Share Plans;
  • It will provide the Group with more flexibility for further growth; and
  • The Company will be able to issue Ordinary Shares as consideration in connection with acquisition opportunities

The Perivan shareholder communications team were delighted to work with finnCap who were appointed Nominated Adviser and Broker to Parsley Box on the successful publication of the 148-page admission document.

Perivan specialise in the production and publication of financial documents relating to shareholder and investor communications for quoted companies, private companies and open and closed-ended funds.

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