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Albemarle & Bond
- BY: Andrew Hore |
- POSTED: 27/01/2014 |
The formal sales process for pawnbroker Albemarle & Bond has been ended without a satisfactory offer but the company is still in a tough financial position with little hope for shareholders.
The board did not believe that any of the offers represented fair value for the company.
The company’s lenders have agreed to extend the covenant deferral up until the end of March. However, the board says that “there may be limited value attributable to the ordinary shares”.
Net debt was £50.1m at the end of November 2013 and total bank facilities were £53.5m.
The share price slumped by 11.25p to 8.42p, which values Albemarle & Bond at £4.63m. That may still be too high a valuation for the business.
Download the latest AIM Journal from http://wwww.hubinvest.com/AIMPDFJanuary2014_52.pdf
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