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Secure Design KK

  • BY: Andrew Hore |
  • POSTED: 12/06/2008 |

Secure Design is raising £728,000.

The Japanese biometrics fingerprint technology developer is placing shares at 7.8p each. The shares are currently trading at 7p with a bid/offer spread of 5p-9p.

Its chairman Taketoshi Kashiwabara is buying 4.375m shares – nearly half the shares being issued. He will end up with 63.9% of the company.

Secure Design reported a fall in revenues from £2.29m to £1.18m in 2007. One-fifth of the previous year’s sales were subsequently provided for as a bad debt. The loss quadrupled from £711,000 to £2.85m but £1.09m of that loss was the bad debt provision.

Secure Design had less than £42,000 in cash at the end of 2007 and it admitted that it needed more cash.

The company has potential work but it needs to secure more of this work in order to move towards profitability.

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