News blog
Pan Pacific Aggregates
- BY: Andrew Hore |
- POSTED: 23/05/2011 |
Canadian quarry operator Pan Pacific Aggregates is planning to raise £3m from a placing and a further £2m from an open offer to existing shareholders.
The shares will all be issued on the same terms. A formal notice of the company’s proposed CVA has been sent to shareholders by Kingston Smith. Shareholders have to agree to the CVA and then vote in favour of the share issue for it to go ahead. If they don’t then the future is uncertain for the company.
Pan Pacific says the additional cash will finance its requirements for the next 18 months. There was £63,000 in the bank on 20 May and it continues to flow out of the business. That is why Pan Pacific needs the additional cash.
At the 17 January suspension price of 0.38p a share, the Canadian quarry operator was valued at £9.02m.
Download the May 2011 edition of AIM Journal at http://www.hubinvest.com/AIMPDFMay2011_20.pdf
© 2024 Aim Micro. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
- Browse by issue
- All issues
- Popular tags
- All tags
- AIM Micro feeds
Keep up to date with articles published at AIMMicro.com. Subscribe to AIM Micro RSS Feeds
|