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Hill Station

  • BY: Andrew Hore |
  • POSTED: 10/07/2007 |

Ice cream maker Hill Station has raised additional working capital and exchanged contracts to buy the business of So Real Ice Company. 

The directors, Electra and Rathbone are subscribing for £720,000 of 10% convertible loan stock. The loan stock will be redeemed in five years time at a 100% premium to its par value. Hill Station wants to raise more working capital as well as funding for the proposed acquisition. It is paying £750,000 for loss-making So Real Ice. So far a deposit of £100,000 has been paid. A further £100,000 is payable in shares and Hill Station still has to raise the other £550,000 of cash. Hill Station’s sales in April were better than expected but the poor weather since then has meant that they have been disappointing.

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