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designcapital

  • BY: Andrew Hore |
  • POSTED: 18/04/2008 |

The designcapital farce appears to have reached a conclusion. 

The designer furniture company has finally come up with a number of shares in issue after various investors failed to take up shares that they had promised to.

It doesn’t seem worth going through all the details. What it means is that there are 55.7m shares in issue instead of the 59.83m shares that were supposed to be in issue at the time of the flotation in January.

Rather than going through all the shenanigans it is easier to say that L-A Finances S.A. has 17.6% of the company and Luxadvor has 41%. Chairman Frederic Bobo, and related company Stunning Partners, owns 36.3%.

There is still £3.72m expected from a deferred subscription by Luxadvor, Stunning Partners and MENA Consultants Ltd 12 months after admission. Stunning Partners will only pay up if Luxadvor still owns at least 25.1%.

Now that this appears to have been cleared up the shares have come back from suspension. Interest is understandably limited and the shares remained at 10p just as they have since the day the company floated. That is reflected in the bid/offer spread of 8p/12p.

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