News blog

XCAP Securities

• BY: Andrew Hore |
• POSTED: 09/11/2013 |

Aim adviser XCAP Securities has come back to the market for yet more cash.

This time £905,000 has been raised at 0.28p a share. This is the fifth time that XCAP has raised money in just over three years. The original flotation was at 4.5p a share and the issue prices have fallen every time since then. The previous placing price was 0.3p a share back in the summer.

There was £560,000 in the bank at the end of February 2013 following a cash outflow of £1.78m in six month period. The June placing raised £525,000. It seems likely that most of this cash will have been used up by now.

The company is currently in a close period because it has not published its figures for the year to August 2013. XCAP says that directors and employees have not been able to invest because of this and they will be offered the chance to invest on the same terms once the results have been published. Last year, the full year results were published on Christmas Eve.

At 0.28p a share, XCAP is valued at £5.85m.

Shareholders approved a change of name to Hume Capital at a general meeting on 12 July yet there is no sign of the name change happening.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFOctober2013_49.pdf