News blog
Dipford Group
- BY: Andrew Hore |
- POSTED: 22/04/2008 |
Business broker Dipford Group is raising £485,000 via a convertible loan stock issue.
The loan stock yields 8%, interest is paid quarterly, and is repayable on 21 April 2013. The conversion price is 5p a share and if all the loan stock is converted it will be equivalent to nearly one-third of the enlarged share capital.
The shares fell 1p to 7p after the fundraising was announced.
Chief executive Jonathan Custance Baker has invested £150,000 and converted an existing loan of £40,000. Finance director Miles MacEacharn has converted a loan of £10,000.
Dipford had net debt of £1.63m at the end of October 2007. The bank loans have been restructured and the new cash will provide extra working capital.
Kings Business Transfer operations are being consolidated with Redwoods Dowling Kerr and its Bury office closed.
Results for the year to April 2008 will be hit by restructuring costs and a goodwill write-down. The concomitant cost savings won’t show through until the next financial year.
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