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Blue Oar

  • BY: Andrew Hore |
  • POSTED: 30/01/2009 |

Aim adviser Blue Oar expects to announce a new nominated adviser and broker shortly.

KBC Peel Hunt resigns as nominated adviser and broker on 5 February 2009 and the shares will be suspended if the new nominated adviser is not in place.  One month later the Blue Oar quotation will be cancelled if no replacement is found.

Evolve Capital was successful in acquiring a majority stake in Blue Oar via an all share offer. Blue Oar’s former management were trying to buy its securities businesses but the new board says it is unlikely to progress.

Blue Oar expects to report a significant loss for 2008 but it still had more than £13m in cash at the end of 2008. The results will be reported on 31 March.

Trading conditions remain difficult with a dearth of new issue activity. There has also been a reduction in private client revenues. Chief executive Justin Lewis is keen to reduce trading losses and the strategic review is already well under way.

At 3.5p a share, Blue Oar is valued at £5.87m. That is less than half its cash pile but it is difficult to assess how fast cash is flowing out of the company.

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