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Clipper Ventures

  • BY: Andrew Hore |
  • POSTED: 26/05/2009 |

Clipper Ventures wants to cancel its Aim quotation because it does not believe that it can justify the costs. 

The news was not taken well by the market. The shares slumped 2.375p to 4.875p each, which values the round the world yacht race organiser at £1.9m.

The corporate entertainment and sail training markets have been weak and profits will be lower than expected. Operating profits have fallen from £1.2m to £750,000 in the year to April 2009.

There was cash in the bank of £2.5m at the end of April 2009. The Clipper 09 race starts in September 2009 and this will consume cash in the early months. Replacing the fleet of yachts will cost $10m over the next four years.

Chairman Sir Robin Knox-Johnston and chief executive William Ward have been increasing their stakes in recent months. They have taken their stakes to 26.4% and 26.1% respectively. David Barry has increased his stake to 6%. Four shareholders own 65% of the company.

A general meeting will be held on 18 June to agree to the Aim cancellation.

A matched bargain facility will be organised by the company and the details will be available on www.clipper-ventures.com. Relevant information will also be posted on the website.

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