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Imaginatik

  • BY: Andrew Hore |
  • POSTED: 02/08/2011 |

Collaborative software provider Imaginatik is raising £1.64m of much needed cash at 0.5p a share.

There was net cash of £469,000 at the end of March 2011, but there was a £1.82m cash outflow from operations in the previous 12 months. However, most of the outflow was in the first half. That is a normal patter, though, and in the previous year the annual cash outflow was lower than at the interim stage. This suggests that underlying cash outflow is still significant.

There is a three-for-two open offer as well as a placing and subscription. The open offer closes on 25 August. The net cash raised will be £1.54m. Management hopes that this will be enough cash to give the company time to start generating cash from operations.

Executive chairman Matt Cooper subscribed for 3m shares at 1.5p each earlier this year and in April a further £51,000 was raised at the same price.

The share price fell by 0.28p to 0.57p, which values the existing share capital at £1.26m.

Imaginatik has won new contracts and renewed existing ones but there is still a long way to go.  A new sales team is in place and the benefits are starting to come through.

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