News blog
600 Group
- BY: Andrew Hore |
- POSTED: 11/09/2012 |
Machine tools and laser marking equipment supplier 600 Group has found a buyer for its Polish manufacturing operation FMT.
A major customer is buying the business and it will continue to hold a licence to manufacture Colchester brand conventional lathes for the German market. This could yield a modest royalty stream.
600 Group raised £1.47m at 7.5p a share at the beginning of September. New chief executive Nigel Rogers acquired 270,000 of the shares. That takes his shareholding to 370,000 shares.
Management has also arranged term loan and revolving credit facilities of £3.64m and a working capital facility of £300,000. Net debt was £8m at the end of March 2012 and since then the South African business has been sold and the figure is forecast to fall to £5.2m by the end of this financial year.
The business fell into loss in the year to March 2012.
At 9.12p a share, 600 Group is valued at £7.63m.
Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFAugust2012_35.pdf
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