Popular "punk" craft beer maker Brewdog has said it's about to land a new investor and also revealed it's considering a time frame for an IPO.
In a letter to its shareholders, many of whom backed the brewer through crowdfunding, it said it has been in talks with a number of potential investors and is now in ongoing discussions with one in particular, though that remains unnamed.
Any investment, the terms of which have not been finalised, will be capped at no more than a 30 per cent stake in the firm and will be at a price of £75 per share. Its last crowdfunding in April 2016 offered investors a price of £47.50 per share at a £300m valuation.
It also embarked on a secondary share trading scheme in October 2016, with investors selling 20,827 shares on Asset Match at the same price. It said then that more than 46,000 have invested since 2009.
It will also consider launching a fifth round of crowdfunding later this year, or issuing a bond, and could still do both.
But, it will also dilute shares of existing shareholders in order to issue more capital and create a new management equity programme, offering shares to senior management.
It will offer a share buyback scheme for early investors while the potential new investor will be granted a new class of share with preferred terms.
Brewdog is seeking approval for the shake-up from shareholders ahead of the investment in a meeting due to be held at the end of the month.