News blog
Loanmakers
- BY: Andrew Hore |
- POSTED: 27/10/2008 |
Loanmakers is having to reduce the scale of its business because of its recent failure to secure new funds.
Shareholders in the loan broker did not approve the issue of additional shares. Since then there has been a further downturn in its trading, which has been weak since Barclays subsidiary Firstplus withdrew from the secured loan market in July 2008.
Major shareholder and chief executive Ges Ratcliffe, currently owns 32.4% of the company. The 24-for-one open offer at 0.25p a share was going to raise £1.7m. Ratcliffe took up his entit6lement and would have bought the 60.16% of the open offer shares not taken up. That would have given him a controlling stake in Loanmakers.
Loanmakers shares slumped 0.2p to 0.175p – the bid/offer spread is 0.05p/0.3p - following the news of the company’s trading problems. That values Loanmakers at £50,000.
In June 2006, Ratcliffe sold 6m shares at 330p a share, raising £19.8m.
Loanmkaers used to have 100 employees and this is likely to be reduced to around 35 people.
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