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MarineTrack Holdings

  • BY: Andrew Hore |
  • POSTED: 21/01/2009 |

Less than six months after the reverse takeover of XSN, shares in the renamed MarineTrack Holdings have been suspended.

Tough trading conditions meant that the marine telematics services and equipment supplier was running out of cash. MarineTrack has talked to finance providers and suppliers but it does not believe that it will be able to raise the cash it needs in the required time frame. That is why the shares have been suspended.

At the suspension price of 0.05p a share, MarineTrack is valued at £370,000. The reversal did not raise extra cash but it was based on a share price of 1.05p, which valued the company at £3.2m.

Since September 2008, Billam AG has reduced its stake in MarineTrack from more than 15% to less than 3%. It is also a backer of Aim-quoted investment company Zyzygy, which owns 26.5% of MarineTrack.

Shares in Zyzygy were suspended at 0.08p each on 9 December 2008 because it was not going to produce accounts by the end of 2008. It hoped to publish them during January but there is no sign of them. It appears that the MarineTrack stake will have to be written off.

Zyzygy admits that it needs to raise cash in order to support software company NiceTech Ltd.

Zyzygy is valued at £900,000. At the end of December 2007, Zyzygy had net assets of £5.48m. That includes investments valued at £6m.

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