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Blavod Wines & Spirits

  • BY: Andrew Hore |
  • POSTED: 28/09/2012 |

Blavod Wines & Spirits is raising £1.2m from a placing at 0.75p a share and converting debt to equity.

Executive chairman Don Goulding is subscribing for 10m shares. A capital reorganisation is required to issue shares below the current par value of 1p. At 1.12p a share, Blavod is valued at £990,000. Debt and interest of £438,000 will be converted into 58.3m shares. The placing and debt conversion will more than treble the number of shares in issue.

The cash raised will finance the restructuring of the business and brand marketing. Blavod has already reduced its operating costs by 14% so far in this financial year and improved gross margins. Revenues were 13% higher in the three months to June 2012 as year-on-year sales volumes were 19% ahead.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFSeptember2012_36.pdf

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