Roebuck Food Group PLC on Monday said its Chair Ted O’Neill has subscribed to shares, in order to raise money for the Moorhead & McGavin Ltd acquisition.
Roebuck Food is a Newry, Northern Ireland-based protein and product sourcing company.
On Friday, Roebuck announced plans to raise £2.5 million. At the time, it said it had raised just over £2.1 million via placing of around 15.7 million shares at 13.5 pence each.
On Friday, the company also announced plans to buy Moorhead & McGavin Ltd for £2.2 million.
Moorhead & McGavin is a food and food ingredient distribution business based in Motherwell, North Lanarkshire. It specialises in supplying pulses, cereals, pasta and rice to the food service industry.
It said the proceeds of the placing would be used to pay for the acquisition of Moorhead and for ‘general working capital requirements.’
On Monday, Roebuck said its Chair & Director Ted O’Neill has agreed to subscribe for 1.8 million shares at the placing price of 13.5p. The shares are worth £240,000 in total.
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