News blog
eXpansys
- BY: Andrew Hore |
- POSTED: 29/05/2009 |
Online technology retailer eXpansys is raising £2m via a placing at 1.5p a share with Dragons Den’s Peter Jones’ business Virtual Phone Shop Ltd.
Placing the shares with one investor has helped to keep costs down. The net proceeds will be £1.92m and eXpansys will use them for working capital. It will enable the company to pay overdue creditors. It appears that the company may not have had enough cash to continue trading if it had not raised this money.
VPS will own 81% of eXpansys after the placing. A subsidiary of VPS has also provided a credit facility of £2m and eXpansys hopes to pay back up to £1.6m of this facility.
The business will be on a sounder footing and the share price recovered 0.25p to 2.625p, which values the existing share capital at £1.18m.
In the six months to October 2008, revenues of continuing activities fell £1.2m to £25.3m. The loss from continuing activities was reduced from £817,000 to £370,000.
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