Cooks Coffee Co Ltd - Auckland-based owner of Esquires and Triple Two Coffee cafe chains - Begins trading on the Aquis Stock Exchange in London on Wednesday as an additional listing to its current one in New Zealand, having raised less than its target from its initial public offering. Cooks had hoped to raise GBP1.5 million to fund the opening of new stores and expand its digital marketing, but only garnered GBP500,000 from the rights issue and private placement, which was at a price of NZD0.36, about 18 pence, per share. Executive Chair Keith Jackson bought 1.4 million of the new shares, giving him 10.7 million in total, a 20% stake. Cooks has 111 outlets globally, including 70 in the UK and 15 in Ireland, and expects to open a net 18 new sites in its current financial year.

Current stock price: 21.5 pence, giving market capitalisation of GBP11.5 million

By Tom Waite; thomaslwaite@alliancenews.com

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