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Media Square

  • BY: Andrew Hore |
  • POSTED: 08/12/2011 |

Trading in Media Square shares has been suspended after its bank said that it was not willing to extend the company’s banking facilities. 

At the suspension price of 0.8p a share, Media Square is valued at £290,000.

Media Square had requested additional bank facilities in order to meet seasonal working capital requirements. Its request for changes in covenants was also turned down.

Underlying net debt was £21.5m at the end of August 2011 and Media Square warned that the second half may not be as cash generative as normal. Writtle Holdings is taking up its option to buy a Newmarket property used by Arken POP, which it previously bought from Media Square, for £3.25m.
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