Savor closes fully underwritten capital raise of $6 million

SAVOR LIMITED

NZX Release
Savor closes fully underwritten capital raise of $6 million
1 April 2021
Savor Limited (NZX: SVR) (“Savor” or “the Group”), is pleased to announce that it has successfully
completed its fully underwritten capital raise to shareholders. The rights issue was soundly
supported by shareholders with 20,585,293 shares taken up by shareholders, totalling $3.6 million,
and 13,370,560 shares to be subscribed for by underwriters, to raise a total of $6 million.
The capital raised will be used to fund the recently announced acquisition of the Amano, Ortolana
and The Store venues from Hipgroup and to add strength to the Group’s balance sheet. The Group is
expected to have approximately $7 million cash on hand to support growth and a total debt ratio of
approximately 2 times operating earnings.
The Board also announces that it has appointed Kiwibank as the Group’s new banking partner. It
would like to thank its incumbent, Bank of New Zealand, for their work and support, particularly
through the divestment of Moa Brewing. Bank of New Zealand has also expressed interest in a co-
banking relationship with Kiwibank on future growth aspirations in the hospitality sector, which the
Board will explore with both institutions once the integration has been completed.
Geoff Ross, Chairman of Savor, said: 'It has been pleasing to receive support from shareholders
through the capital raise, and it is a clear signal of the markets confidence in the Group’s strategy to
focus on its hospitality business, which was envisioned by the Board two years ago.
“The Non-Solo Pizza acquisition demonstrated the Group’s ability to successfully integrate iconic
venues. The award-winning venues, Amano, Ortolana and The Store, located in Auckland’s premier
hospitality precinct, Britomart, strategically expand Savor’s footprint in the flagship area and cement
Savor Group’s position as a leader in the hospitality industry,” he concluded.
Savor expects that the new shares will be allotted, and statements sent out to shareholders on or
about 8 April 2021.
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Investor Enquiries
Geoff Ross
Chairman, Savor Limited
Mobile: 021 424 219

Media Enquiries
Renée Bertuch Cannings Strategic Communications
Mobile: +61 409 550 389

About Savor
Savor owns Savor Group, established in 2011, which is one of New Zealand’s largest hospitality
businesses with 10 iconic venues in Auckland, including Azabu Ponsonby, Azabu Mission Bay, Ebisu
and Non Solo Pizza, each with its own unique concept, culture and offering. Savor has a reputation
for originality, the quality of its products and the high standard of service that is consistent across the
company portfolio.