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  • BY: Andrew Hore |
  • POSTED: 02/03/2011 |

Display marketing business MediaZest has raised £440,000 at 0.55p a share – a 45% discount to the previous day’s close. 

At 0.72p a share, down 0.28p, MediaZest is valued at £1.22m. That is before the new shares, which account for 32.3% of the enlarged share capital, are issued.

The cash is needed for working capital and increased spending on marketing.

City and Claremont Capital Assets wants to convert a loan of £90,000 into shares at 0.55p each. A general meeting will be required to allot the shares. City and Claremont owns 39.7m shares in MediaZest and that was equivalent to 23.7% of the share capital prior to the latest placing. The conversion of the loan will limit the dilution of City and Claremont’s stake by the placing.

MediaZest generated revenues of £1.08m and lost £109,000 in the six months to September 2010. Net debt was £417,000 at that time. MediaZest has been hit by lower government spending on its educational services. During the period, the company supplied touchscreens for Microsoft to promote Windows 7. 

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