Patisserie Valerie to hold general meeting this morning to approve rescue deal

01 November 2018 by
Patisserie Valerie to hold general meeting this morning to approve rescue deal

Patisserie Valerie will hold a general meeting this morning to seek the approval of a rescue package put forward by director Luke Johnson.

Johnson put up a £20m rescue package, consisting of a £10m loan and a further bridging loan of up to £10m, which was provided alongside the issuing of 30,000,000 new shares, which raised £15.7m.

He moved to save the company after historical statements on the cash position of the company were found to have been mis-stated and subject to both suspected fraudulent activity and accounting irregularities, including undeclared overdrafts amounting to £10m.

In an update posted to the London Stock Exchange this morning the troubled bakery chain said it is continuing to work with advisers to understand the "extent of the previously announced financial misstatements and potential fraudulent activity".

It added that it is not yet able to advise when a suspension in trading in ordinary shares will be lifted.

Patisserie Valerie is in the process of responding to enquiries from multiple regulators and authorities.

The results of the general meeting are expected to be announced later today.

Yesterday David Scott, former chief executive of Druckers, announced he has no intention to make an offer for or acquire shares in Patisserie Valerie.

Winding up petition against Patisserie Valerie is dismissed>>

Former CEO of Druckers has ‘no intention' to acquire Patisserie Valerie>>

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