Savor to raise $3.25m to pay down short-term debt

Savor Group owns more than 14 hospitality venues across Auckland, including Bivacco. (Image: Savor)

Tue, 31 Jan 2023

Restaurant and bar owner Savor Group will raise $3.25 million to repay its short-term debt to get ahead of rising interest rates.In an update to the New Zealand stock exchange on Tuesday, the group, which owns more than 14 sites across Auckland, said five shares would be offered for every 44 shares held by existing shareholders on Feb 10.Wholesale investors had committed to fully underwrite the capital raise at 42.9 cents per share, a 10% discount to the average weighted share price in the previous five trading days.Savor planned to open the ri...

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