MGOCMG Owners' Club (UK car club)
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The shares to be received by the MGOC shareholders will be issued out of the unissued shares of Pancake House after the approval by the Securities and Exchange Commission of the increase in capital stock of the company from P400 million to P1.
Last February, MGOC completed the landmark acquisition of about 90 percent of Pancake House for P3.
We spent several months of extensive analysis, evaluating the Pancake House business, its brands and potential synergies with MGOC, and concluded with the help of management, that the integration of MGOC and Pancake House was in the best interest of Pancake House shareholders," said Trota.
Under the agreement, Pancake House will issue to to the MGOC shareholders 270.
While being publicly-listed will allow MGOC to raise fresh capital from the equities market, Trota said they still do not need additional capital to fund the expansion of their restaurant brands.
Meanwhile, Trota said MGOC will spend about P160 million this year to put up 10 to 15 stores of which 7 to 8 will be Max's restaurant (P12 to P15 million each) while the rest will be Krispy Kreme and Jamba Juice (P5 to P8 million each).
For now, he said MGOC and Pancake House will operate as separate entities.