News blog
Minorplanet Systems
- BY: Andrew Hore |
- POSTED: 06/08/2009 |
Minorplanet Systems is being refinanced via share issues that will be highly dilutive to existing shareholders.
Shares in Minorplanet slumped 0.625p to a new 12 month low of 2.25p each, which values the telematics company at £730,000. A 20-for-one share consolidation is planned so the equivalent share price is 45p.
A placing at 30p a share will raise £1.15m and a 13-for-three open offer will generate up to £2.1m at the same price. Shareholders can apply for as many open offer shares as they want to. The closing date is 27 August. After expenses the placing and open offer will raise up to £3.03m. This cash will help to settle some amounts that are overdue.
Just as important are the new loan facilities. These include the conversion of the £750,000 overdraft facility into an Enterprise Finance Guarantee Loan. A payment schedule has been agreed with the HMRC.
Revenues have been declining and Minorplanet continues to lose money.
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