News blog
ADDleisure / Fitbug Holdings
- BY: Andrew Hore |
- POSTED: 04/12/2009 |
ADDleisure is raising £1.2m from a placing at 10p a share following a share consolidation.
Ten existing shares will be consolidated into one new shares. The company will use £300,000 to pay off a loan from directors and Aim-quoted Pantheon Leisure. The cash will be used to subscribe for shares. Total loans of £1m are owed to BUPA and two ADDleisure directors and £500,000 will be swapped for 5m shares. The other £500,000 is repayable on 1 April 2012.
Pro forma net cash will be £869,000 with £693,000 of contingent consideration potentially payable.
The continuing operation is Fitbug, which offers online health services. The cash raised will be invested in the business. Revenues more than doubled to £1.48m in the six months to June 2009 and the reported loss was reduced from £1.3m to £703,000.
The shares were suspended at 1.5p each on 25 September 2009 and they returned from suspension after the announcement of the fundraising and results. They finished the day at 1.375p each, which values ADDleisure at £2.89m.
The company is changing its name to Fitbug Holdings.
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