October 16, 2018 / 6:55 PM / 10 months ago

Patisserie Valerie shareholder meeting called, shares to remain suspended

(Reuters) - Patisserie Holdings plc CAKEP.L, the owner of British cafe chain Patisserie Valerie, on Tuesday called a shareholder meeting relating to the proposed plan to raise about 15 million pounds to provide immediate liquidity to the group.

The company called the meeting for Nov. 1 and added that its new shares on AIM would remain suspended and commence only once the its ordinary shares ceased to be suspended from trading.

Patisserie Valerie, which was rocked by an accounting scandal and the arrest of its finance boss last week, was saved thanks to 20 million pounds of loans from its chairman, the entrepreneur Luke Johnson.

The new equity and debt injection helped save 2,500 jobs and stave off the company’s collapse after Britain’s tax office said it was owed 1.14 million pounds.

Reporting by Shubham Kalia in Bengaluru

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