News blog
Cyan Holdings
- BY: Andrew Hore |
- POSTED: 01/09/2010 |
- COMMENTS: Add yours
Microcontrollers developer Cyan Holdings wants to raise £1.8m net at 0.75p a share as cash continues to flow out of the business.
There will also be a £450,000 convertible, secured loan note issued. This is a five year loan note with an interest rate of 6% a year and a conversion price of 1p a share.
Cyan is pinning its hopes on smart metering and its energy efficient controls for street lighting. It is difficult to build up revenues, though. Cyan talks about the high level of tenders that it is involved in but it won’t necessarily win all these tenders. The tenders could bring in “significant orders” for 2011 so Cyan will need cash in the meantime plus more to be able to fill those orders if they arise.
At 0.82p a share, Cyan is valued at £5.4m. Edison had forecast net cash of £122,000 at the end of 2010, which suggests an outflow of more than £1.8m over the year. If the cash outflow is not stemmed the additional cash will do little more than take Cyan into 2012. Edison expects a further large loss in 2011.
Chief executive Kenn Lamb bought 524,000 shares at 1p a share. He currently owns 5.88% of Cyan but that stake will be diluted. However 30m of those shares are in the Cyan Employee Benefit Trust and only become beneficially owned if the share price exceeds 2.5p.
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