Aim adviser Hanson Westhouse has completed its reversal into SovGEM.
Five shares were consolidated into one new share. Hanson Westhouse raised £850,000 from a placing at 59.5p a share. The shares ended the first day’s trading at 80p each, which values the broker at £18.2m.
Hanson Westhouse made an operating profit of £618,000 on revenues of £6.28m in 2007. A decline in revenues to £4.48m meant that the broker made an operating loss of £447,000 in 2008.
The employees have agreed a 20% temporary pay cut in 2009 in order to keep the cost base down. The company still lost money in the first quarter of 2009. Five additional companies have appointed Hanson Westhouse as their nominated adviser and broker.
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