Stellar Resources PLC Investment in Fresho Pty Ltd (4991K)
22 September 2016 - 4:00PM
UK Regulatory
TIDMSTG
RNS Number : 4991K
Stellar Resources PLC
22 September 2016
Stellar Resources plc
("Stellar Resources" or the "Company")
Investment in Fresho Pty Ltd
Stellar Resources (AIM: STG, ISDX: STG) is pleased to announce
that it has invested A$300,000 (circa GBP GBP175,000) in Fresho Pty
Ltd ("Fresho"), an unlisted Australian B2B company servicing the
restaurant and food service industries, via a subscription for
1,111,111 new ordinary shares at A$0.27 per share pursuant to a
private placement by Fresho to raise circa A$3m.
Following the completion of this funding round, Fresho will have
approximately 32.8m shares in issue and a post-money valuation of
approximately A$8.4m. Funds raised will be used to expand the sales
and marketing presence of Fresho, continued investment in its
leading technology platform and for general working capital
purposes.
The Stellar Resources investment will represent approximately
3.6% of the issued share capital of Fresho depending on the final
amount raised by Fresho.
About Fresho
Fresho is positioning itself as a leading Australian B2B company
servicing the restaurant and food service industries. By
aggregating and streamlining the food order process via Fresho's
unique cloud-based platform, both customers and suppliers are able
to make savings in time, money and wastage and also generate
powerful reporting and business data analytics.
To date Fresho's customer base has been located in Melbourne
with many of Australia's most iconic restaurants and suppliers
using the product, however they are now expanding into Australia's
other cities.
The founders and management team of Fresho include several
high-profile, banking and start-up individuals as well as food
supply and service professionals. The advisory team includes a
former director of the Commonwealth Bank of Australia, the CEO of
Salta Capital and a former Director of Tasman Group Services, one
of Australia's largest meat processors.
Existing annualised sales through the platform have expanded
rapidly and are now in the tens of millions of Australian dollars.
Recent expansion into other Australian cities should have a
material impact on those volumes.
Alastair Clayton, Executive Director of Stellar said, "We are
thrilled to have been able to participate in this oversubscribed
offer. This investment in a rapidly expanding B2B Company with real
and growing order books provides an exciting value proposition for
us. Furthermore, it broadens our sector involvement outside of
natural resources and is consistent with our investment
mandate".
"We look forward to having the opportunity to support Fresho as
it grows and evolves over the next 12 - 18 months".
Whilst Fresho is a private Company it may consider a public
listing in the future.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
For further information, please contact:
Stellar Resources plc: +44 (0) 20 7440 0640
Alastair Clayton
Nominated Adviser: +44 (0) 20 7148 7900
Cairn Financial Advisers
LLP
James Caithie / Sandy
Jamieson
Broker: +44 (0) 20 3137 1902
Optiva Securities Limited
Christian Dennis / Jeremy
King
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCDFLFLQKFBBBD
(END) Dow Jones Newswires
September 22, 2016 02:00 ET (06:00 GMT)
Primorus Investments (LSE:PRIM)
Historical Stock Chart
From Apr 2024 to May 2024
Primorus Investments (LSE:PRIM)
Historical Stock Chart
From May 2023 to May 2024