News blog
Davenham Group
- BY: Andrew Hore |
- POSTED: 20/10/2008 |
Davenham Group has reissued the trading statement it made on Friday at 4.30pm.
The statement is exactly the same but has been reissued for “market clarity”. As a result of that market clarity the shares slumped 39.5p to 12p each, which values Davenham at £3.13m.
Davenham floated on Aim on 22 November 2005. A share placing at 254p a share raised £27.7m - £23.5m net - for the company and £16.9m for selling shareholders.
Aim-quoted ACP Capital subsequently built up a 29.1% stake in Davenham and it will have lost more than 95% of its investment. ACP Capital shares fell 1.5p to 24p each.
Davenham is an asset based lender and it says that it has had to increase its loan provisions and stopped any property based lending. Staff numbers have been reduced by one-fifth. Management expects the company to lose money this year and it won‘t be paying the 7p a share final dividend for last year that was announced a few weeks ago.
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