News blog
Adventis Group
- BY: Andrew Hore |
- POSTED: 10/05/2012 |
Marketing services provider Adventis Group is selling its two profitable businesses because it could not raise additional finance from a share placing.
Adventis has reduced its bank debt from £2.2m to £1.5m in the past four months and it believes that the businesses will raise more than this bank debt, which is owed to Lloyds Bank.
Adventis wanted to raise £3m to pay off bank debt and to satisfy deferred consideration for Second2 Ltd and bChannels Ltd, the two technology marketing businesses that Adventis is selling. If they do not raise enough to repay Lloyds then the bank may place Adventis in administration.
There was £2.49m of deferred consideration in the Adventis balance sheet at the end of June 2011, Disposals have been made since then, including Adgenda where the deferred consideration was £306,000. It is unclear how much of the rest relates to the remaining businesses.
The 2012 figures will be published in early June.
At 1.4p a share, Adventis is valued at £680,000.
Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFApril2012_31.pdf
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