2017 Interim Report
COOKS GLOBAL FOODS (COOKS) HAS OVER THE LAST SIX MONTHS TAKEN STEPS THAT WILL SUSTAIN THE GROWTH OF OUR GLOBAL NETWORK OF ORGANIC AND FAIRTRADE BRANDED COFFEE STORES.
With the support of our major shareholders, we have raised $5.7 million in new capital (including a portion by way of debt offset) out of the total targeted capital raise of $10 million. We are actively pursuing the remaining $4.3 million, which is fully underwritten by Cooks Investment Holdings Limited. When complete, we will have sufficient capital for Cooks to achieve its immediate growth plans.
We have negotiated non-binding terms and are working towards the completion of joint ventures for our Chinese and Middle East operations that will allow Cooks and its partners to make the most of the significant opportunities we see for branded coffee in those markets.
We have continued to grow our global store network with the launch of new stores and the refurbishment of stores with the Esquires’ Organic and Fairtrade brand livery; the latest of which is a new store in Portugal. And, we closed those stores that – due to changing market conditions – no longer offered the promise they once did.