Cruise and tour operator All Leisure Group has sold loss-making cruise ship mv Discovery.
Liberty Resources Inc has paid $5m for the 43 year old ship, whose value had previously been written down by £6.7m to £9.9m. This means that All Leisure is receiving around one-fifth of the ship’s valuation less than one year ago. All Leisure chose this deal because it got the cash straight away. The ship will lose £3m in the year to October 2014.
At 28.5p a share, down 3p, All Leisure is valued at £17.6m.
There was £5.08m in the bank at the end of April 2014 plus restricted cash balances of £3.47m. Total borrowings were £5.2m.
Panmure Gordon had forecast a 2013-14 profit of £2.5m. There will be an update on trading at the end of November and this forecast may be optimistic. There will be further assessment of how the unrest in Ukraine has hit the company’s figures.
Kevan Witts has taken up the role of interim finance director.
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