News blog
Hill Station
- BY: Andrew Hore |
- POSTED: 24/09/2008 |
Dowgate has resigned as nominated adviser to ice cream maker Hill Station.
This has led to the suspension of the shares at 0.07p each, which values the company at £1.63m.
Hill Station says it needs to raise more cash for working capital. In June the company obtained a new invoice discounting facility. The maximum funding limit is £3m, and it is secured over the assets of the company.
Hill Station also raised £500,000 in loan stock from two VCTs which is payable after six months. As well as repaying the £500,000 Hill Station has to pay a 200% redemption premium and accruals of interest at a rate of 18% per annum up to and including the date of redemption. The company will also issue £1m worth of new shares to the VCTs.
Net debt was just under £7m at the end of April 2008.
It appears that Hill Station will require a significant amount of cash relative to its current market value. It is also embroiled in a court case with the former owner of one of its past acquisitions.
Finance director Robert Alstead resigned on 19 September.
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