News blog
TurfTrax
- BY: Andrew Hore |
- POSTED: 17/06/2009 |
TurfTrax has sent its circular to shareholders to gain permission for the £120,000 share placing and a new investing policy.
The shares returned from suspension on 17 June 2009 but the price remained at 0.4p a share, which values the company at £180,000 before the fundraising.
The company intends to become a property investment and services group. It will buy portfolios of investment properties or stakes in property vehicles. It will also consider companies that can offer services to the rest of the group.
New loan facilities of £268,000 have been agreed and along with the placing cash this will be used for working capital and to pay the costs of potential transactions.
The nominal value of the shares will be reduced to enable the placing to happen. Every 500 existing shares will be consolidated into one new share. The placing price is 15.21956p a share, compared with a consolidated share price of 200p.
After the placing the interests of Peter Hagerty, Patrick Aisher and Bradley Krup will each own 29.97% of the enlarged share capital. Hagerty and Aisher will become directors.
TurfTrax is selling TurfTrax Holdings Ltd to Wilsco 504, a company controlled by TurfTrax director Adam Mills and former director Thomas Binks, for £1 plus a royalty equal to 25% of net profit before tax of Wilsco 504 from the time of the disposal to 31 March 2010 and 15% thereafter until the fifth anniversary of the disposal. THL provides services to sporting venues and owns the intellectual property rights to its horse racing data products. The business is loss-making.
Dowgate has replaced Newland Stockbrokers as the company’s broker. Dowgate is already nominated adviser – although it resigned in mid February 2009 and reappointed in March 2009.
The company’s name will be changed to Arteon.
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