Film development and sales company Intandem Films is raising a further £250,000 at 0.5p a share.
This follows the £931,000 raised at the same share price during the summer. Intandem says that it needs the additional cash for working capital or it may have to draw down on its £1m equity financing facility provided by Darwin Strategic. That could be highly dilutive.
Intandem wants the cash to secure film projects. The cash will also enable Intandem the time to show that the new management will turn it into a profitable company. Costs have already been slashed and there is a slate of films that is on course to earn money in the year to June 2014. The figures for the year to June 2013 will not look good but they mark the bottom for the business and it can move ahead with a realistic cost base.
Once Intandem has proved itself it will be able to grow via acquisition so that it can reach critical mass.
At 0.55p a share, down 0.03p, Intandem is valued at £2.08m.
The latest research on Intandem is available at http://pcorpfin.com/wp-content/uploads/2013/09/Intandem-Broker-Note.pdf
© 2020 Aim Micro. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Online gaming technology developer Nektan has placed its Gibraltar-based subsidiary in administration and the UK business has been sold.
Rebel shareholders failed to gain board seats at Plutus PowerGen.