News blog
Sweet China
- BY: Andrew Hore |
- POSTED: 09/09/2009 |
Sweet China continues to find it difficult to raise cash.
The China-based confectionery maker has raised a further £366,000 before expenses but this is conditional on approval of a proposed new debt facility of £400,000 which will enable Sweet China to finance stock ahead of Christmas. However, the original terms were that the company has to raise at least £400,000 from a share issue before it can obtain the debt facility. Negotiations are continuing but there is no certainty that Sweet China will receive any of the money.
If it does not then Sweet China will find it difficult to finance Christmas orders. That would make the viability of the core business questionable.
The shares slumped 0.875p to 2.5p each, which values Sweet China at £2.44m. No placing price was mentioned for the latest fundraising.
The company intends to release its figures for the year to April 2009 before the end of October.
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