News blog
Imaginatik
- BY: Andrew Hore |
- POSTED: 20/07/2015 |
Innovation management software provider Imaginatik is making the most of the sharp rise in its share price and raising £120,000 at 6p a share.
The market price is 6.38p and Imaginatik recently completed a £504,000 placing at 2.7p a share.
Rob Terry and Quob Park Estate have pushed up the share price by acquiring 6.32% of Imaginatik, many of these shares were acquired for more than the current market price. Hargreave Hale has reduced its stake to 12.9%.
Imaginatik lost £1.58m last year and it needs to significantly increase its revenues to breakeven. There was a £1.03m cash outflow from operations last year, not including capitalised intangibles spending, which is less than the cash that has been raised in the two fundraisings. There was £125,000 in the bank but executive chairman Matt Cooper had lent $250,000 at a cost of 10% a year, so It appears that more money will be required within one year.
Cooper has subscribed for 250,000 shares in the latest placing, taking his stake to 27.1%, and fellow non-executive Simon Charles bought 100,000 shares.
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