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Imaginatik

  • BY: Andrew Hore |
  • POSTED: 18/08/2010 |

Imaginatik has received offers of £1m of investment from existing investors.

This cash would be used to invest in the sales strategy. Imaginatik had cash of £1.5m in its balance sheet at the end of March 2010 but the board admits that it can take time to rebuild sales.

The general meeting on 24 August will vote on resolutions to enable Imaginatik to issue the new shares. 

Founder and chief executive Mark Turrell left the company in June. Finance director Shawn Taylor took on the role of chief operating officer and Matthew Cooper became executive, rather than non-executive, chairman. Turrell owns 48.25% of Imaginatik.

These changes happened before Imaginatik reported flat revenues of £4.6m in March 2010. A pre-share option charges profit of £131,000 was turned into a loss of £1.25m.

At 1.625p a share, Imaginatik is valued at £2.59m so the new share issue would be highly dilutive. If Turrell decided to vote against the resolutions then he is likely to block any issue of new shares. That has led Cooper to warn that the company may not be able to raise finance from an alternative source.

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