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Coolabi

  • BY: Andrew Hore |
  • POSTED: 15/08/2011 |

North Promotions Ltd, a company funded by Edge Performance VCT, is the potential bidder for intellectual property developer Coolabi.

Edge has invested £2m in loan stock and shares in North Promotions, which is an acquisitions vehicle looking for companies like Coolabi.  Edge owns 50% of North Promotions.

At 8.75p a share, Coolabi is valued at £4.86m. Edge subscribed for £562,000 of convertible loan notes in Coolabi and they are convertible at 6.75p a share. If these were converted then Edge would own 27.6% of Coolabi.

Coolabi, which owns Purple Ronnie and Poppy Cat, reported a loss of £197,000 on revenues of £2.86m in the 18 months to December 2010. Net debt was £2.48m at the end of 2010.

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