Ascent to raise $2.1m for Signature revitalisation

West-Perth based Ascent Capital is behind an attempt to revive ailing Signature Brands Ltd, the parent company of Pulp Juice Bars, after launching a prospectus today for three separate offers.

The brand development company aims to raise $2.1 million to continue the operation of Pulp franchises, increase the company's current activities and pursue new projects by way of acquisition or investment.

The company will make separate issues of:

• 144 million shares to Ascent and its nominated third parties at a price of 0.25 cents each, to raise $360,000,
• 180 million shares to Ascent and its nominated third parties at a price of 1 cent per Share to raise $1.8 million, and
• 48 million options to acquire one share at a price of 0.0025 cents, to raise $1200, and an exercise price of 1 cent each on or before 31 December 2008 to Ascent and its nominated third parties.

The issues are not underwritten.

The company, which also used to manage Olivia Newton-John's Koala Blue wine label and Brian Rochford swimwear, went into administration in March this year after directors decided it either was, or would become, insolvent.

With shareholders approving a recapitalisation of the company in August, Signature was released from administration on September 13, after an injection of funding from Ascent.