Pittards, the London-listed manufacturer of specialty-leather goods for retailers, has announced the cancellation of its planned fund raising. The company stated that the required conditions for the fund raising to proceed have not been satisfied. As a result, it is now exploring various options, including a potential sale of the business.
On July 11, Pittards had disclosed its intention to raise up to £1.85 million ($2.4 million) through management share subscriptions and a shareholder open offer. The company emphasized that it needed a minimum of £1.16 million in order to sustain its operations. Failure to secure the necessary funds would likely result in the company being placed into administration, with little or no value being returned to shareholders.
At present, trading in Pittards’ shares remains suspended due to delays in the submission of its 2022 accounts. The company expects further delays in the release of these accounts.
In the meantime, Pittards has managed to extend its existing facilities with its banks up until the end of August.