News blog
Corsie Group
- BY: Andrew Hore |
- POSTED: 25/04/2008 |
Corise Group shares have been suspended pending clarification of its financial position.
Two non-executive directors of the bowling equipment and health products distributor have resigned in recent days – one was announced just after the suspension. James Aitken, who was appointed just before Christmas, resigned on 16 April. The former Scotland rugby union captain subscribed for £450,000 of shares as part of a pre-Christmas fundraising at 30p a share. The shares were suspended at 15.5p.
That fundraising generated £671,000. At the end of June 2007 net debt was £786,000. Corsie had debt facilities repayable over seven years and overdraft facilities of £2.15m and £200,000 respectively.
In December, Corsie said that it was selling its option over its Haddington property to Jim Aitken for £350,000. It also said that it would be subject to a shareholder meeting but this does not appear to have been held.
Corsie was going to publish its 2007 results on 29 April.
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