News blog
Inveresk
- BY: Andrew Hore |
- POSTED: 24/06/2008 |
Inveresk shares have been suspended because it needs more cash.
The shares were suspended at 7.5p, valuing the company at £10.7m.
The Scottish paper maker hasn’t published its 2007 figures so the shares would have been suspended on 1 July any way. The company says that its auditors won’t be able to sign off the accounts on a ‘Going Concern’ basis until more money is raised.
The cash could be raised by a share issue, through debt or by selling assets.
Inveresk lost £856,000 on revenues of £6.83m in the six months to June 2007. That excludes gains on asset sales of £4.28m. Net debt was £15.2m at the end of June 2007. The net asset value at that time was £10.7m, including £7.37m of fixed assets.
Inveresk’s management has put a lot of emphasis on generating cash from its property portfolio. The change in government in Scotland has held back the plans to develop land at Inverkeithing.
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