Source - RNS
RNS Number : 4991K
Stellar Resources PLC
22 September 2016
 


 

Stellar Resources plc

("Stellar Resources" or the "Company")

Investment in Fresho Pty Ltd

Stellar Resources (AIM: STG, ISDX: STG) is pleased to announce that it has invested A$300,000 (circa GBP £175,000) in Fresho Pty Ltd ("Fresho"), an unlisted Australian B2B company servicing the restaurant and food service industries, via a subscription for 1,111,111 new ordinary shares at A$0.27 per share pursuant to a private placement by Fresho to raise circa A$3m.

Following the completion of this funding round, Fresho will have approximately 32.8m shares in issue and a post-money valuation of approximately A$8.4m. Funds raised will be used to expand the sales and marketing presence of Fresho, continued investment in its leading technology platform and for general working capital purposes.

The Stellar Resources investment will represent approximately 3.6% of the issued share capital of Fresho depending on the final amount raised by Fresho.

About Fresho

Fresho is positioning itself as a leading Australian B2B company servicing the restaurant and food service industries. By aggregating and streamlining the food order process via Fresho's unique cloud-based platform, both customers and suppliers are able to make savings in time, money and wastage and also generate powerful reporting and business data analytics.

To date Fresho's customer base has been located in Melbourne with many of Australia's most iconic restaurants and suppliers using the product, however they are now expanding into Australia's other cities.

The founders and management team of Fresho include several high-profile, banking and start-up individuals as well as food supply and service professionals. The advisory team includes a former director of the Commonwealth Bank of Australia, the CEO of Salta Capital and a former Director of Tasman Group Services, one of Australia's largest meat processors.

Existing annualised sales through the platform have expanded rapidly and are now in the tens of millions of Australian dollars.  Recent expansion into other Australian cities should have a material impact on those volumes.

Alastair Clayton, Executive Director of Stellar said, "We are thrilled to have been able to participate in this oversubscribed offer. This investment in a rapidly expanding B2B Company with real and growing order books provides an exciting value proposition for us. Furthermore, it broadens our sector involvement outside of natural resources and is consistent with our investment mandate".

"We look forward to having the opportunity to support Fresho as it grows and evolves over the next 12 - 18 months".

Whilst Fresho is a private Company it may consider a public listing in the future.

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

 

For further information, please contact:

Stellar Resources plc:   

+44 (0) 20 7440 0640

Alastair Clayton

 

 

 

Nominated Adviser:

+44 (0) 20 7148 7900

Cairn Financial Advisers LLP

 

James Caithie / Sandy Jamieson

 

 

 

Broker:

+44 (0) 20 3137 1902

Optiva Securities Limited

 

Christian Dennis / Jeremy King

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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