REG - East Imperial PLC - Update re. potential funding sources

East ImperialAnnouncement

11/04/2024 15:30

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RNS Number : 3308K  East Imperial PLC  11 April 2024

11 April 2024

East Imperial plc

("East Imperial", the "Company" or the "Group")

Continuing discussions with potential funding sources

 

East Imperial plc, the global purveyor of super-premium beverages, provides an
update on discussions with potential sources of finance.

 

As announced on 24 January 2024, the Company raised approximately £325,000 by
way of a placing to help finance the establishment the Company's US base and
distribution network and to reflect the fact that sales in China were growing
slower than expected. The Company stated at that time that it required
additional working capital to finance operations during 2024.

 

On 2 February 2024, the Company announced that it would seek additional
working capital to finance operations beyond the current cash runway through
to April 2024, and therefore convened a general meeting ("GM") to obtain
additional authorities to allot shares to provide the Company with the ability
to raise working capital for the period after April 2024.

 

On 19 February 2024 the necessary resolutions were passed at the GM to grant
the additional authorities to allot shares on a non pre-emptive basis.

 

The Company has been in discussions with a wide range of potential sources of
finance, including debt funders, over the last few months to seek to provide
the working capital required for the continuation and development of the
business. These discussions continue and the Company will provide further
updates with the results of these discussions as soon as possible.  The
Group's short-term cash position has been aided by recent revenue performance
as indicated in the trading update announcement issued on 22 February 2024,
although remains constrained and is being carefully managed.

 

 

This announcement contains inside information for the purposes of Article 7 of
the UK version of Regulation (EU) No 596/2014 which is part of UK law by
virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon
the publication of this announcement via a Regulatory Information Service,
this inside information is now considered to be in the public domain.

 

For further information, please contact:

 East Imperial plc                                           investors@eastimperial.com (mailto:investors@eastimperial.com)

 Anthony Burt

 Allenby Capital Limited (Broker)                            +44 (0)20 3328 5656

 Guy McDougall / Matt Butlin (Sales and Corporate Broking)

 Jeremy Porter / Piers Shimwell (Corporate Finance)

 

About East Imperial

 

Founded in New Zealand and Singapore in 2012, East Imperial produces a range
of super-premium mixers that sell throughout APAC, the US and EMEA. Guided by
a clear strategy to capitalise on the growing demand for premiumisation across
the beverage industry, East Imperial has sold over 33 million bottles in over
20 countries since its founding, with popular products including Old World
Tonic Water, Grapefruit Tonic Water, Yuzu Tonic Water and Mombasa Ginger Beer.
In 2023, East Imperial won 8 medals at the coveted Tonic & Mixers Masters
Competition in London.

 

The Company was founded on the philosophy of creating exquisite products
defined by heritage, tradition, and authenticity. All products are made from
the highest quality, all-natural ingredients, reflecting East Imperial's
commitment to providing a sustainable product and minimising environmental
impacts at every stage of the manufacturing process. For more information
about East Imperial and its ultra-premium mixers.

 

Visit https://www.eastimperial.com/ (https://www.eastimperial.com/)

 

 

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