LEGAL | Staff Reporter, Australia

Oliver's Real Food targets raising up to AU$ 7.4 million for brand revamp

Aside from a recently-completed placement, the chain is raising funds through an entitlement offer.

Oliver's Real Food is aiming to raise up to AU$ 7.4 million in equity funding to improve the performance of the brand.

The healthy fast food chain recently announced the successful completion of a placement to existing and new institutional investors raising approximately AU$3.5 million, and is planning a 1 for 6 pro rata non-renounceable entitlement offer aimed to raise a further AU$3.9 million.

Under the entitlement offer, eligible shareholders will be able to subscribe for one new share for each six shares held at an offer price of AU$0.11 per new share.

The raised funds will be used to accelerate Oliver's consolidation program and continue store development and rollout.

According to their outlook, they expect revenue of between AU$40 to AU$43 million, with a reported EBITDA of between AU$1 and AU$1.5 million.

Currently at 28 stores, the brand is expecting to grow by 35 to 38 sites by 2020.

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