News blog
Supercart
- BY: Andrew Hore |
- POSTED: 04/11/2010 |
Plastic shopping trolley supplier Supercart is raising £1.4m gross to provide the finance it requires to develop its operations in the European market.
The placing and subscription at 2p a share will provide £1.27m after expenses for the loss-making company. Venture Holdings will subscribe for 34.5m of the shares and capitalise £300,000 of its loan to Supercart. That will save £15,000 a year in interest charges.
Supercart continues to grow sales in North America but the South African market is mature. In Europe, Supercart has a distribution agreement with Caddie and hopes to make progress in the market during 2011.
Venture Holdings, which manufactures the trolleys and has been a shareholder since 2000, will increase its stake from 35.7% to 48.6% following the placing and loan capitalisation.
At 3p a share, down 0.75p, Supercart’s existing share capital is valued at £1.91m.
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