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Loanmakers

  • BY: Andrew Hore |
  • POSTED: 18/01/2009 |

Shares in Loanmakers were suspended on 16 January because it has failed to find additional cash for the business.

An open offer at 0.25p a share was not agreed to by shareholders. The shares were suspended at 0.2p each, which valued the loan broker at £60,000.

First half trading was poor and the second half has been even worse. Interim revenues fell from £14.3m to £4.07m in the six months to September 2008. A profit of £242,000 was turned into a loss of £1.6m despite cost cutting.

RWC Pilgrim Fund reduced its stake in Loanmakers to less than 3%.

Major shareholder and chief executive, Ges Ratcliffe, currently owns 32.4% of the company. In June 2006, Ratcliffe sold 6m shares at 330p a share, raising £19.8m. It is difficult to believe that Ratcliffe could not buy out the minority shareholders - if he wants to. 

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