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Apace Media
- BY: Andrew Hore |
- POSTED: 15/02/2010 |
- COMMENTS: Add yours
Apace Media plans to withdraw from Aim.
Apace says that it will save at least £125,000 a year. Poor liquidity and difficulty in raising cash have also led to the plan to cancel the Aim quotation. Management also argues that the full value of the business is not reflected in the share price.
The news of the proposed cancellation pushed the shares even lower. They fell 0.875p to 1.25p each, which values Apace at £1.82m. That compares with net cash of £2.1m. Apace also owns a 1.77% stake in Catalyst Media Group, which is currently worth £447,000.
Former shareholders of Apace’s Albanian business are claiming €1.1m plus interest for breach of contract.
Apace has closed its CD label. Excluding those costs, Apace expects to report 2009 profits of at least £200,000. The main operations are in Bulgaria and the UK. Apace may consider the sale of its UK TV production and music rights businesses. It would prefer to concentrate on Bulgaria.
The shareholder meeting will be held on 5 March.
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