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designcapital

  • BY: Andrew Hore |
  • POSTED: 30/12/2008 |

Ross McInnes has resigned as non-executive of designcapital less than three months after his appointment.

He was appointed on 6 October and resigned “due to personal reasons” on 23 December. He is Vice Chairman of Macquarie Capital Europe(Paris branch) and he was expected to provide finance and sector experience.

The designer furniture company joined Aim on 21 January 2008 at 10p a share and some of the original subscribers failed to come up with the cash they promised. There was £3.06m raised after expenses instead of the £4.1m expected.

It appears that there is still £3.72m expected from a deferred subscription by Luxadvor, Stunning Partners and MENA Consultants Ltd due to be paid 12 months after admission. Stunning Partners will only pay up if Luxadvor still owns at least 25.1%.

The company generated turnover of £5m in the six months to June 2008 but it also lost £963,000. There was net cash of £931,000 in the balance sheet.

The shares remain at 10p a share, but the bid/offer spread is 5p/15p. This values designcapital at £5.57m. 

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