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Micap

  • BY: Andrew Hore |
  • POSTED: 27/08/2008 |

Micap has asked for its shares to be suspended.

The food ingredients supplier has run into financial difficulties because of higher than expected advisory fees relating to a failed acquisition. This has left Micap with enough cash for up to three months at best. Micap is in negotiations with its advisers over the fees and expects them to last for three weeks.

After conducting due diligence, Micap decided not to go ahead with the acquisition. In April Micap issued £210,000 of loan stock to its directors and other investors in order to provide the cash to give it time to carry out the due diligence. It was also trying to sell non-core operations.

The shares were suspended at 0.375p each, which values Micap at £890,000.

Micap has developed micro-encapsulation technology that uses single cell organisms such as yeast. This creates natural preformed micro-capsules. 

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