Renshaw and Haydens owner Real Good Food is hoping to raise £1m of extra working capital with an open share offer.The move comes a month after the business announced it had secured £8.2m in financing, admitting at the time that there was a “significant risk” it would not be able to trade without the funding.Real Good Food (RGF) is experiencing a turbulent period that has included a shake-up of its board and an overhaul of its corporate governance procedures. It has also warned it expects to make a £3.5m earnings loss this year. (See timeline below.)Under the new offer, qualifying shareholders are being given the opportunity to subscribe for new ordinary shares of 2p each.The company’s major shareholders Napier Brown Holdings, Omnicane and certain funds of Downing LLP, who have provided funding including the £8.2m, do not intend to take up their entitlement under the open offer.”Having recently completed our new financing arrangements with the company’s three major shareholders, the board recognised the importance of enabling all shareholders to participate in the refinancing of the company and is therefore intending to launch the open offer accordingly,” said RGF chief executive Hugh Cawley.RGF also announced it is looking for two new independent non-executive directors as part of its improved corporate governance practices.Real Good Food timeline1 August 2017RGF announces earnings for 2017 will be £2m, around £3m lower than previously forecast, and that profits in 2018 will be lower than expected.RGF also reveals that payments for consultancy services made to executive chairman Pieter Totté and non-executive director Peter Salter have not been disclosed in transaction notes for accounts in 2014 to 2016, but have been accounted for.Salter, chairman of RGF audit and remuneration committees, resigns.8 AugustFounder and executive chairman Pieter Totté resigns and steps down from the board with immediate effect.Non-exec director Pat Ridgwell becomes interim chairman, while non-exec director Christopher Thomas becomes executive director.Finance director David Newman is replaced by Harveen Rai, but remains with the company for a changeover period.New non-executive director Hugh Cawley joins the board to head RGF’s audit committee, while non-exec director Judith Mackenzie becomes head of the remuneration committee.16 AugustRGF secures a £2m overdraft facility with Lloyds Bank after a re-forecasting exercise finds a “short-term working capital requirement” as the business builds up stock ahead of Christmas and proceeds with previously announced investment programmes at Renshaw and Haydens.29 AugustRGF further reduces profit expectations for 2017 to £1m.14 SeptemberRGF says it is committed to improving its corporate governance and reporting, admitting standards have been below those investors “might reasonably expect”, adding it is “committed to rectifying this important aspect of operations and disclosure”.21 SeptemberShareholders agree to give the business a £4m short-term debt facility.OctoberRGF reports a £5.8m loss in the 12 months ending 31 March 2017, despite a £7.8m year-on-year increase in group sales to £108.2m. The loss is attributed to factors including “the effect of currency exchange on key commodity prices and poor financial control of central costs”.DecemberRGF announces revenue up 30% year on year to £63.6m in the six months ending 30 September 2017, although it made a £6.7m pre-tax loss compared with a £0.9m loss in the same period the previous year.Shareholders agree to provide an initial £3m of additional funds, while longer-term funding arrangements are put in place.January 2018RGF warns it is set to make £3.5m earnings loss following poor trading at end of 2017MarchMajor shareholders agree to provide up to an additional £4m funding.AprilKent Foods Limited buys Garrett Ingredients business from RGF.MayRGF announces further £8.2m financing from major shareholders Napier Brown Ingredients, Omnicane International Investors, and funds managed by Downing LLP, stating that, without this, there was a “significant risk” it would not be able to trade.
Facebook Twitter: @NeosKosmos Instagram The president of the International Committee of the Red Cross, Peter Maurer, has described the fight for the Syrian city of Aleppo as one of the most devastating conflicts in modern times. Fighting has been intensifying during the past weeks with hundreds of people killed and untold numbers injured. Public services have all but broken down. Tens of thousands are trapped and without aid.“No one and nowhere is safe. Shell-fire is constant, with houses, schools and hospitals all in the line of fire. People live in a state of fear. Children have been traumatized. The scale of the suffering is immense. For 4 years, the people of Aleppo have been devastated by brutal war, and it is only getting worse for them. This is beyond doubt one of the most devastating urban conflicts in modern times,” said Mr Maurer.Tens of thousands of people have been forced to flee their homes, and many others forced to leave temporary shelters they had been living in. There has been massive damage to the city’s infrastructure. With water and electricity supplies cut or severely reduced, the population is at risk from untreated and unsafe water. Humanitarian organizations, among others the ICRC and the Syrian Arab Red Crescent, have begun trucking drinking water as an emergency measure.“The human cost of the fighting in Aleppo is simply too high. We urge all parties to stop the destruction and indiscriminate attacks, and stop the killing. Parties involved in the fighting need to respect the basic rules of warfare, in order to prevent the loss of more innocent lives. Besides the direct threat posed by the fighting, the lack of essential services such as water and electricity, poses an immediate and dramatic risk for up to two million people, who have great difficulty in accessing basic medical care,” said Mr Maurer. The ICRC calls on all parties to allow humanitarian agencies to reach civilians in desperate need of help in all parts of the city, as well as in neighbouring rural areas. Regular humanitarian pauses are needed to allow in humanitarian aid and allow enough time to carry out repairs to essential services.Below are highlights of the activities of the ICRC and the Syrian Arab Red Crescent in Aleppo over the past two weeks. Food: • Over 49,000 meals per day were distributed through eight collective kitchens in urban and rural areas of Aleppo Governorate, including over 13,000 meals per day for newly displaced families, 2,650 of which were in Western Aleppo; • Over 7,500 newly displaced people received parcels of canned food and other essential household items; • Over 10,500 bread packs were distributed daily through the Syrian Arab Red Crescent in Aleppo, mostly in rural areas.Water: • 70,000 residents and displaced people received drinking water delivered by truck on a daily basis (500,000 litres per day); • 7,000 newly displaced people had their water needs covered thanks to the installation of 44 water tanks in 14 different locations. • 750,000 litres of drinking water were delivered to 2,000 patients in hospitals in Aleppo, and 3,000 water bottles were given to patients in dialysis centres. • 42 boreholes that the ICRC had installed in 2015 and 2016 were operational and would cover 58% of the population’s water needs in case of continuous water cut; the boreholes were monitored daily for problems or damage thanks to mobile data collection; 22 boreholes received maintenance in the last three weeks.Health: • Primary healthcare medicines for 15,000 patients were donated; • 50,000 bed nets were distributed to prevent leishmaniasis; • Drugs were provided to treat 15,000 people with scabies; • Medical kits were supplied to treat 300 wounded patients. To find out what the ICRC is doing to put an end to attacks on health workers and patients, go to www.healthcareindanger.orgFollow the ICRC on facebook.com/icrc and twitter.com/icrc read more