Investors Price Tantalizer 28% Higher Post Private Placement
Tantalizer is now 46 kobo after investors repriced the quick service restaurant by about 28% last week. At the close of trading session on Friday, the the stock market value of the company rose to approximately N1.5 billion, details from the Nigerian Exchange revealed.
In its latest financial scorecard for Q1, 2024, its equity capital rose to N1.357 billion from about N363 million at the end of 2023. The surge was traced to an increase in share capital, which grew to N2.5 billion and the balance in its share premium account rose to N2.249 billion.
The company’s financial statement revealed that the surge in its equity fund was due to private placement during the current year. In 2024, Tantalizer sold 1.788 billion shares via private placement. A share of the food retailers could be picked at 46 kobo, above its cheapest market price of 36 kobo, with outstanding shares of 36 billion, spread over its 3.211 billion shares outstanding.
Tantalizer Plc’s total assets at the end of its first three months of operation in 2024 settled at N3.299 billion. This is a significant increase from N2.250 billion at the end of Dec 31, 2023. The reason for this was a significant increase in cash and cash equivalents at the end of Q1.
Overall, the company’s free cash was boosted by a surge in the amount or balance in the company’s bank accounts. According to its Q1-2024 unaudited financial statement, Tantalizer Plc’s cash and cash equivalents rose to N1.103 billion from a mere N23.921 million at the end of 2023.
Specifically, bank balance saw significant growth in three months of operation to settle at N1.083 billion from N12 million in 2023. There was a cash boost despite the fact that Quick Service Restaurant reported a loss after tax in Q1.
Details from the financial report revealed that the company delivered more than N78 million as a net loss in the period. In contrast, cash flows from operating activities were valued at about N32 billion. In its full year results for 2023, Tantalizer Plc posted N290 million as a net loss amidst the macroeconomic downturn in Nigeria. Again, its cash flow was positive, settling at about N116 billion for the year.
Its revenue reserves worsened to N4.33 billion negative following a fresh addition to previous losses recorded in the course of its business operations. Definitely faced with financial and operational pressure, Tantalizer restructured loans obtained from Ecobank Nigeria, worth more than N300 million, due in 2031. Airtel Africa Plunged by 10.3% after Earnings Storm
