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Interactive Prospect Targeting Holdings

  • BY: Andrew Hore |
  • POSTED: 17/04/2009 |

Interactive Prospect Targeting Holdings has sold one of its French businesses and cut debt.

After returning from suspension the shares dipped 0.125p to 2.25p each, which values IPT at £1.13m. The shares were suspended on 11 February. 

Email messaging and web hosting business NP6 is being bought back by its management for an initial €3.22m with a further 50% of any capital gain made on share disposals within six months payable. All other disputes have been settled, including the claim for additional earn out payments for the original sale of the business. IPT might have been required to issue up to 44m shares and it will be able to release a €2.475m provision in its accounts.

NP6 made operating profits of €2.3m in 2008 and had a net asset value of €1.5m. NP6 was acquired in June 2007 for an initial consideration of €5m. Since then a €1.4m dividend has been paid. The remaining UK business has been sold with NP6.

IPT has been in default of its loan from Barclays since December 2008. The disposal has enabled IPT to repay €3.25m thereby reducing the debt to €3.9m. The interest ratewill be cut from 5% to 2.5% above Euro LIBOR.

Barclays has waived the €325,000 fee due because IPT did not repay the €3.25m by 31 March 2009. IPT remains in default and needs to pay off the rest of the debt as soon as possible.

IPT still has a lease on London offices that cost £800,000 a year. The first break in the lease is in November 2014. There are hardly any occupants in the offices and IPT needs to find some tenants to offset the cash outflow. 

IPT still owns online direct marketing agency Directinet SA and online data collector Netcollections SA. Trading in the first quarter of 2009 has been difficult.

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