Roebuck Food Group (LSE:RFG) has launched a placing and subscription to raise up to €10 million at 9 pence per share, a discount of about 56.1% to its last closing price, alongside the **appointment of GlasPort chief Justin McCarthy as chief executive. Trading in the shares has been suspended while the book build runs.

What was announced

AIM-quoted Roebuck Food Group (LSE:RFG) plc set out two linked announcements dated 30 October 2026. The first is a proposed placing and subscription of new ordinary shares to raise up to €10 million at 9 pence per share. The company said the price represents a discount of approximately 56.1% to the closing mid-market price of 20.5 pence on 30 October 2026. The total number of new shares has not been disclosed and will be confirmed after the book build.

J&E Davy is acting as nominated adviser and broker. New investors who are not existing shareholders must bid for at least €100,000, subject to scaling back. Trading in Roebuck (LSE:RFG)'s shares was suspended from 7.30am on 2 November 2026 under AIM's Capital Access Window, and the book build should close by 6 November.

The second announcement confirmed that Justin Gerard McCarthy, aged 49, became chief executive and an executive director on 31 October 2026, succeeding Kieran Mahon. He keeps his roles as chief executive of Glasport Bio Limited (GlasPort) and executive chairman of Glasport Rumen Tech Limited (Rumen Tech).

The numbers and the deal structure

Net proceeds are intended for GlasPort and Rumen Tech rather than legacy costs. Stated uses include working capital, commercial deployment, research and development, the Compli360 platform, team expansion and international partnerships. After the fundraise, Roebuck (LSE:RFG) intends to lend GlasPort an unsecured €1 million at 2% a year above the ECB base rate, a related party transaction.

Roebuck (LSE:RFG) also intends to exercise an option to raise its GlasPort stake from 37.3% to 82.3%. The option price has risen from €16.08 million to €25.08 million after a second milestone was met and could reach €30.08 million if the remaining milestone is achieved, payable entirely in new Roebuck shares. Talks are ongoing to acquire the remaining GlasPort shares and the 84% of Rumen Tech not already owned, also for shares. The company said these potential acquisitions are advanced but not certain, and will be dilutive. If they do not complete and no alternative Investment route is found, funds will be returned to shareholders.

Background

Roebuck is divesting its legacy businesses, Foro Food Solutions and Moorhead & McGavin, with the Foro sale at an advanced stage. Those businesses had net Debt of £544,000 at 30 October 2026, which is expected to be repaid from disposal proceeds.

GlasPort's GasAbate product is described as reducing methane emissions from manure management by 80%. Arla has approved it for its FarmAhead Incentive programme from 2027 across seven European countries. Management expects GasAbate to be in use on more than 90 farms, treating manure from 15,000 cows in five countries, by December 2026, with expected annual Recurring Revenue of €1.15 million and 135 further installations expected in 2027.

Mr McCarthy, formerly chief executive of the Irish Farmers Journal Group, holds 257,418 Roebuck shares. His remuneration was not disclosed. Padraic Lenehan is to become chief financial officer, replacing Aidan Hughes, and Padraic McManus is to succeed Tommy Conway as non-executive chairman on completion of the fundraise. Mr Conway said the investment in GlasPort "has been significantly de-risked".

What to watch next

The company expects to announce the results of the fundraise and the restoration of trading in the coming days. The share issue requires approval at an extraordinary general meeting, to be convened after the book build, with a circular to follow. Admission is expected at 8.00am on 1 December 2026, with a long-stop date of 31 December 2026. Progress on the GlasPort and Rumen Tech acquisitions will also be watched.