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Avia Health Informatics
- BY: Andrew Hore |
- POSTED: 04/09/2012 |
- COMMENTS: Add yours
Advanced Computer Software (ACS) has invested £350,000 in fellow Aim-quoted healthcare software provider Avia Health Informatics.
The investment is in the form of a convertible loan which will convert into a 29.9% stake if ACS decides to convert. There is no interest charge but the loan is secured over Avia’s assets. The loan lasts for three years.
Avia will not go ahead with the proposed $2m loan facility with TCA Global Credit Master Fund, LP. Avia had net cash of £100,000 at the end of March. The board had talked of wanting to raise £1m.
The two firms already work together. ACS can nominate a non-executive director.
Last month, executive chairman and chief executive Barry Giddings stepped down from the Avia board.
At 8.75p a share, up 1.38p, Avia is valued at £560,000. A 29.9% stake in the enlarged share capital of the company would be worth less than £350,000 at the current share price.
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