Burger Fuel Salvages Share Offer

Stuff:

Burger Fuel will resort to franchising to pay for expansion plans after its two directors have had to shell out $2.75 million to salvage its first share offer.

The company announced that its initial public offering, extended by a week after missing the $8 million minimum subscription, had received applications for $5.25 million of shares, leaving founding directors Chris Mason and Josef Roberts to come through on a guarantee and buy $2.75 million worth of shares to meet the minimum mark.

Mr Roberts said the financial commitment left him “a bit short” but refused to be dragged down by the lacklustre result.

“I’m happy. The process is a huge one, we’ve had an initiation into public life, it’s been a long haul, but we’re happy we are listed. Now it’s about getting stuck into the business,” he said.

The gourmet burger chain took an experimental road to listing on alternative stock exchange NZAX, promoting its shares through “ambassadors” in its outlets.

Read More