| Proposed Ticker: AKNG | 2215 Enterprise Drive, Suite 1502 | |
| Exchange: NASDAQ-National Market | Westchester, Illinois 60154 | |
| Industry: Retail | (708) 947-2150 |
| All share information is proposed | ||||
| Type of Shares: | Common Shares | Filing Date: | 5/22/96 | |
| U.S. Shares Filed: | 5,136,000 | Filing Range: | $14.00 - $16.00 | |
| Non-U.S. Shares Filed: | 1,284,000 | Offering Amount: | $96,300,000 | |
| Primary Shares: | 6,420,000 | Expenses: | - | |
| Secondary Shares: | 0 | Shs Out After: | 13,600,000 | |
| Manager | Tier | Phone |
| Smith Barney Inc. | Lead Manager | (718) 921-8473 |
| Everen Securities, Inc. | Co-manager | (312) 574-6000 |
| PaineWebber Incorporated | Co-manager | (212) 713-2626 |
| Audited Income | Latest Unaudited Income | Prior Unaudited Income | Balance Sheet | ||
| 12/31/95 | 4/1/96 | 3/31/95 | 4/1/96 | ||
| Revenue: | $139.57 | $43.10 | $30.97 | Assets: | $150.76 |
| Net Income: | $0.90 | -$0.39 | -$0.36 | Liabilities: | $142.40 |
| EPS: | Equity: | $8.35 | |||
Note: Dollar amounts are in U.S. millions; Audited figures expressed as full year, unaudited figures are partial year | |||||
| Business Description |
| The company is the leading independent Burger King franchisee in the midwestern United States and management believes the company is the second largest Burger King franchisee in the United States. The company was formed in 1994 by a group consisting of former Burger King franchisees, former Burger King Corporation executives and the Jordan Company to take advantage of significant acquisition and related new restaurant development opportunities within the growing Burger King system. Since its inception, the company has grown primarily through a series of nine acquisitions involving the purchase of 175 Burger King restaurants. Currently the company operates 180 Burger King restaurants in the states of Illinois, Virginia, Indiana, Colorado, Texas, Tennessee, Kentucky, Wisconsin, Ohio, North Carolina and Georgia. The company has and will continue to target acquisitions in geographic markets which have potential for substantial new restaurant development. Management believes that the under penetration of the Burger King system provides the company with significant new development opportunities. |
| Use of Proceeds |
| The proceeds from the proposed offering will be used to acquire new franchises, to repay debt and to redeem preferred shares. |
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