News blog
Cashbox
- BY: Andrew Hore |
- POSTED: 20/12/2007 |
- COMMENTS: Add yours
Cash machine operator Cashbox has arranged additional finance.
MBC Investments will provide a convertible loan of £584,000 immediately and an additional non-convertible loan of £416,000 from the end of March 2008.
The initial loan is convertible at 5p a share. Full conversion would increase the shares in issue by 14%. The shares fell 0.25p to 8.75p.
Cashbox needed to report its figures for the year to June 2007 by the end of December or its shares will be suspended. After it announced the new finance it released full year figures. They show a loss after exceptionals of £6.74m. Even before exceptionals the loss was more than £4m.
Cashbox has also rearranged its Bank of Scotland loan facility. It will fall from £8m to £6m and debt repayments won’t start until December 2009.
The additional finance will enable Cashbox to increase the number of cash machines it operates and move it nearer to profitability.
Back in October Cashbox announced that it had settled its litigation with its larger rival Hanco. It was concerning business that Hanco claimed had been taken away by Cashbox when it was run by former Hanco employees. Cashbox agreed to pay £1.8m in compensation to Hanco, on top of £200,000 already paid. It can defer the payment for two years but it will have to pay 5% interest in the first year and 20% in the second year.
An unlimited indemnity was provided by former chairman Anthony Sharp and ex-chief executive Carl Thomas. Cashbox says it will enforce this indemnity. Anthony Sharp disputes its validity.
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