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Corporate Team advises Real Good Food plc on Open Offer and Rule 9 Whitewash

Walker Morris team reinforces public market expertise with second stock market transaction in a week

Corporate lawyers at Walker Morris have advised Real Good Food plc on a proposed open offer to raise up to approximately £1.0 million.

The Open Offer will comprise up to 20,115,190 Offer Shares at £0.05 per Offer Share. The funds raised will be used to provide future working capital to the Group.

The transaction also involved the replacement of the Group’s May 2018 Loan Notes with Replacement Convertible Loan Notes which was subject to a whitewash process pursuant to the Takeover Code.

Hugh Cawley, Chief Executive Officer, commented:

“We are pleased to launch the Open Offer today which allows all Qualifying Shareholders to participate in the refinancing of the Company. The new funding arrangements put in place over the prior months of which the Open Offer and Loan Note Replacement are part, ensure that the Company will operate with a much more robust and sustainable financial platform, providing the certainty from which the Board will be able to implement its plan to improve the Group’s performance.”

The Walker Morris team was led by corporate partner, Richard Naish, supported by Marianne McKeown.

Richard Naish commented:

“Having advised Real Good Food on the sale of the business and certain assets of its non-core trading business, Garrett Ingredients Limited to Kent Foods Limited in April this year, we’re delighted to be supporting the Group on this latest transaction and look forward to continuing to support the Company and its executive management team. “

The transaction continues a busy summer for the Walker Morris Corporate Team. Last week the team advised on the admission of plc to the Main Market of the London Stock Exchange.

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