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Libertas Capital

  • BY: Andrew Hore |
  • POSTED: 19/08/2008 |

Libertas Capital has closed its Swedish office.

This is part of the Aim adviser’s strategy to cut one-fifth of its workforce. It is also cutting two-thirds of its Los Angeles workforce. There have been other job losses in London, Hong Kong and Dubai.

The Nordic and North American operations were built up after Libertas joined Aim in July 2004.

Libertas says that its interim turnover for 2008 will not exceed £4m. It hopes to handle more transactions in the second half which should produce an improved performance - but it is dependent on the state of the markets.

The company is in the process of raising £3.316m. A share placing will raise £2.401m at 10p a share. The other £915,000 comes from an equity-linked loan. The loan will last for three years to 1 August 2011. The interest charge will be 8% a year for the first two years and 12% in the third year. There are also share purchase warrants attached to the loan notes. There are 10 for each £1 of loan notes and these are each exercisable at 10p up until 1 August 2013.

Libertas will report its interim figures on 30 September.

Libertas shares were unchanged at 10.25p, which is less than one-third of their 12 month high. 

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