Pinco, the company set up to bid for Signature Restaurants on behalf of its chair, Luke Johnson, has announced that it now owns or controls 46.5 per cent of Signature's shares.

Johnson and Signature's chief executive, Andy Bassadone, are also entitled to exercise warrants which would give them 5 per cent and 4 per cent respectively of the enlarged share capital. Although this would give the management buyout team more than 50 per cent of the shares, both men have undertaken not to exercise the warrants while the offer for Signature remains open.

Pinco has also announced that the offer has been extended from its 22 October deadline and will now remain open for acceptances until 3pm on 29 October.

Majority shareholder, Park Place Capital and owner of A-Z Restaurants, Giuliano Lotto, who announced earlier this month that they were working together, have yet to put forward a rival bid.