Ardgowan Update

In brief · summary, not quotable

Distil plc has provided an update on Ardgowan Distillery Company Limited, confirming Ardgowan raised £1,070,500 through the issuance of 42,820 new shares at £25 each, representing 9.3% of Ardgowan's capital. Distil chose not to subscribe for new shares, reducing its stake from 10.5% to approximately 9.6%, while retaining 48,247 shares. This equity raise, alongside the conversion of all Convertible Loan Notes, simplifies Ardgowan's balance sheet and allows it to access a further £2 million from its Revolving Credit Facility with Virgin Money, significantly improving its cash runway for whisky stock maturation.

Full announcement

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Distil plc (AIM: DIS), owner of premium drinks brands Blackwoods Gin and Vodka, RedLeg Spiced Rum and Blavod Black Vodka, provides an update on developments at Ardgowan Distillery Company Limited ("Ardgowan"). Distil previously held a Convertible Loan Note relative to Ardgowan. That CLN converted to equity in Ardgowan as advised on 22 June 2026

Issue of Ardgowan equity

Ardgowan has confirmed that it has raised a total of £1,070,500 of equity by the issue of 42,820 new shares in Ardgowan at an issue price of £25 per share, comprising 9.3 % of Ardgowan's issued share capital.

The issue was made available to Ardgowan's existing shareholders. Given Distil's prioritisation of its cash reserves, the Board of Distil determined not to subscribe for any shares in the offer. As a result, Distil's shareholding in Ardgowan has reduced from 10.5% to c9.6%. Distil continues to hold 48,247 shares in Ardgowan

Reasons for the issue

This raise was conducted by Ardgowan as a part of the wider exercise to simplify its balance sheet, which included the conversion of all Convertible Loan Notes into shares (as detailed in Distil's notification 22 June 2026). Ardgowan has raised this cash to settle other debts within the business, subsequently releasing the next tranche of £2m from the Revolving Credit Facility from Nationwide Building Society (trading as Virgin Money).

This further loan from Virgin Money significantly improves the company's cash runway and allows Ardgowan to continue to lay down valuable malt whisky stocks for ageing.

Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.