News blog
Hill Station
- BY: Andrew Hore |
- POSTED: 20/08/2007 |
Ice cream maker Hill Station has announced the details of its placing to provide the cash to buy So Real Ice and provide working capital.
Hill Station is raising £3.3m at 0.25p a share. That will pay the £650,000 cash payment for So Real Ice and the £300,000 costs of the transaction. The rest will be used to pay off overdue creditors and provide working capital for the group.
There was a delay in announcing the price of the placing because of the sharp fall in the shares over the past week. It was supposed to have been announced on 17 August.
The fund raising is highly dilutive. The placing shares and the conversion of loan stock will represent 57% of the enlarged share capital.
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