News blog
Wallgate Group
- BY: Andrew Hore |
- POSTED: 24/11/2008 |
Discount electrical goods wholesaler Wallgate says it has failed to raise the £1m it needs to continue trading past the end of this month.
The shares have been suspended at 0.625p each while it “clarifies its financial position”. That values Wallgate at £1.29m.
The 75% fall in the share price over the past month has made it difficult to set a share price for a placing. Ideally, Wallgate would have liked to have raised £1.5m but £1m appeared to be the minimum required. Wallgate is still talking to potential investors. It is also discussing extending the agreement to freeze certain outstanding balances with major creditors.
It is impossible to say whether these plans will succeed.
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