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Eruma

  • BY: Andrew Hore |
  • POSTED: 11/06/2009 |

Eruma has signed a strategic partnership with fellow Aim-quoted security group Pentagon Protection.

The security blinds and emergency lighting supplier will jointly develop global counter terrorism and environmental protection markets. They will promote each others products and share sales leads. Eruma has already worked with the glass protection business on bids in the UK and overseas.

Eruma has raised 100,000 from a 10% convertible loan notes issue. The conversion price is 1.125p a share. Every four shares converted will be eligible for a warrant with an exercise price of 2.5p.

In March 2009, Eruma raised 180,000 from a loan note issue on the same terms.

At 1.875p a share, Eruma is valued at 2.41m.

Eruma reported a fall in revenues from 510,000 to 366,000 in the six months to June 2008 and the loss increased from 455,000 to 676,000. The order book was worth 751,000 at the end of June 2008. Since then Eruma has won a 150,000 counter terrorism order for security blinds from the UK police.

The 2008 figures have to be reported by the end of June 2009 or the shares will be suspended.

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