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Avanti Screenmedia
- BY: Andrew Hore |
- POSTED: 11/06/2008 |
- COMMENTS: Add yours
Avanti Screenmedia is focusing on its core business in order to reduce its cash needs.
Avanti has been short of cash for a while and it is looking to raise additional working capital. This is not easy under current market conditions.
Avanti is in talks to sell its non-core operations and concentrate on the leisure, retail and creative services business. If the sale happens it will alleviate the need for additional cash. It is important that management secures a deal to sell the operations.
Three members of the board are lending £100,000 to the company in the form of a convertible loan. The loan has an annual interest rate of 10% and is convertible at 2.5p a share. The loan will be converted if it isn’t repaid by 31 July 2008.
The £100,000 convertible loan from last September will have its repayment date extended and the conversion price changed to 2.5p a share.
The shares fell 0.125p to 1.875p, valuing the company at £770,000.
The key contracts of the continuing operations will be with Spar and the rights to sell Premiership football advertising on the Setanta Sports pub channels.
© 2007 Aim Micro. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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