News blog
Pure Wafer
- BY: Andrew Hore |
- POSTED: 30/06/2008 |
Pure Wafer says that its banks have agreed to waive the quarterly covenant tests for the period to June 2008.
However, these covenant tests will still hold true for future quarters. Pure Wafer is still trying to renegotiate them for the future so that they are more appropriate to the current state of the silicon wafer reclaim business.
Pure Wafer had already warned that it was suffering from competition and price pressure. The semiconductor sector is in the middle of a downturn and demand for Pure Wafer’s products and services has fallen. It expects to lose £150,000 on turnover of £21m in the year to June 2008. This is the reason it is breaching its covenants.
Revera Asset Management reduced its stake in the company from 6.3% to 3.5%.
Shares in Pure Wafer recovered 1.375p to 5.75p, valuing the company at £1.53m.
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