Shell Alexander David Securities has raised £400,000 to help finance the costs of a possible reverse takeover.
Planwise Group, which owns 25.9% of the company, has subscribed for £400,000of convertible loan notes. The annual interest rate is 13%. The funds can only be used for the costs of the proposed deal and if it goes ahead the loan is convertible at 0.04p a share. If the loan is not converted it will be repaid by the end of June 2014 at the latest.
Planwise had been in talks with the company about a reverse taleover but they ended at the end of August.
Trading in the shares was suspended on19 December at 0.09p a share.
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