Tantalizers Plc successfully completed a private placement, raising approximately N1.07 billion to support its restructuring efforts. Despite facing challenges with negative retained earnings and consecutive losses, the injection of fresh capital is expected to provide a much-needed boost.
During the private placement, the company offered 1,788,372,094 ordinary shares at N0.60 each, achieving full subscription. Iron Global Markets Ltd acted as the sole issuing house for the transaction, with indications pointing to a single institutional investor acquiring all offered shares.
The company’s financial performance has been impacted by operational challenges stemming from increased tariffs, currency depreciation, and reduced consumer spending. Despite recording slight revenue growth in 2023, Tantalizers reported its fourth consecutive annual loss. As of the latest trading day, its shares were priced at N0.36 each, reflecting a decline from the beginning of the year.
