Real Good Food has raised £1m with an open share offer that it says had been heavily oversubscribed.The business announced last month that it was seeking to raise extra working capital with the offer.The move follows a troubled period for the Haydens and Renshaw owner, which earlier this year admitted there had been a “significant risk” it would not be able to trade without additional funding from its major shareholders. The business has also warned it expects to make a £3.5m earnings loss this year (see timeline below).Under the open share offer, the business issued 20,115,190 ordinary shares of £0.02 each and received applications for 29,984,154 shares – an excess of 49% of the total available.RGF said qualifying shareholders who have applied for shares will receive their application in full and those shareholders who have applied for excess shares will receive around 61% of their application on a pro rata basis.Real Good Food timeline1 August 2017RGF announces earnings for 2017 will be £2m, around £3m lower than previously forecast, and that profits in 2018 will be lower than expected.RGF also reveals that payments for consultancy services made to executive chairman Pieter Totté and non-executive director Peter Salter have not been disclosed in transaction notes for accounts in 2014 to 2016, but have been accounted for.Salter, chairman of RGF audit and remuneration committees, resigns.8 AugustFounder and executive chairman Pieter Totté resigns and steps down from the board with immediate effect.Non-exec director Pat Ridgwell becomes interim chairman, while non-exec director Christopher Thomas becomes executive director.Finance director David Newman is replaced by Harveen Rai, but remains with the company for a changeover period.New non-executive director Hugh Cawley joins the board to head RGF’s audit committee, while non-exec director Judith Mackenzie becomes head of the remuneration committee.16 AugustRGF secures a £2m overdraft facility with Lloyds Bank after a re-forecasting exercise finds a “short-term working capital requirement” as the business builds up stock ahead of Christmas and proceeds with previously announced investment programmes at Renshaw and Haydens.29 AugustRGF further reduces profit expectations for 2017 to £1m.14 SeptemberRGF says it is committed to improving its corporate governance and reporting, admitting standards have been below those investors “might reasonably expect”, adding it is “committed to rectifying this important aspect of operations and disclosure”.21 SeptemberShareholders agree to give the business a £4m short-term debt facility.OctoberRGF reports a £5.8m loss in the 12 months ending 31 March 2017, despite a £7.8m year-on-year increase in group sales to £108.2m. The loss is attributed to factors including “the effect of currency exchange on key commodity prices and poor financial control of central costs”.DecemberRGF announces revenue up 30% year on year to £63.6m in the six months ending 30 September 2017, although it made a £6.7m pre-tax loss compared with a £0.9m loss in the same period the previous year.Shareholders agree to provide an initial £3m of additional funds, while longer-term funding arrangements are put in place.January 2018RGF warns it is set to make £3.5m earnings loss following poor trading at end of 2017MarchMajor shareholders agree to provide up to an additional £4m funding.AprilKent Foods Limited buys Garrett Ingredients business from RGF.MayRGF announces further £8.2m financing from major shareholders Napier Brown Ingredients, Omnicane International Investors, and funds managed by Downing LLP, stating that, without this, there was a “significant risk” it would not be able to trade.JuneRGF announces plan to raise £1m in working capital through open share offer.
One of Donegal’s best known choirs is putting out a call for new singers to join its ranks to mark National Choral Singing Week.The Inishowen Gospel Choir is trumpeting the health benefits of singing in choirs to mark National Choral Singing Week.The event takes place from 10th to 16th October in association with Mental Health Ireland to mark World Mental Health Week Group singing has been scientifically proven to lower stress, relieve anxiety, and elevate endorphins. The Inishowen Gospel Choir was established over a decade ago and has become one of the north west’s most popular choirs, singing at events and festivals around the country.The choir attracts people of all different ages and musical experience who share a love of singing and performing.It meets every Monday night at Colgan Hall in Carndonagh at 7.30pm.The choir has a busy schedule of performances through the year, from weddings to festivals, which gives its singers plenty of opportunities to perform. It has performed at festivals from Glastonbury to the Electric Picnic and performed with leading Irish musicians such as Declan O’Rourke and Liam Ó Maonlaí.Musical director of the choir, Anna Nolan, said the benefits of signing in a choir are obvious and people who have not experienced it, and think they would enjoy it, should try it.“Over my ten years with the Inishowen Gospel Choir, I have seen it have such a positive effect on so many people. I have seen it boost people’s confidence, offer a place for friendships to grow and really give people a sense of achievement and general joy. All in all I would wholeheartedly advocate the sentiment that singing is good for your health.”For further information and to get in touch with the choir go to www.inishowengospelchoir.net or www.facebook.com/TheInishowenGospelChoir/Choir marks National Choral Singing Week with call for new members was last modified: October 12th, 2016 by StephenShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window)