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Network Data
- BY: Andrew Hore |
- POSTED: 26/03/2009 |
Network Data has ended bid discussions for the company but it is trying to sell its mortgage broking network.
Network Data is considering the sale because it needs the cash.
The company that, in October 2008, offered £5m for Network Data’s head office says that it will not be able to complete the deal.
Net debt was £4.61m at the end of June 2008 and the company is talking to its bank about continued support for the business while the mortgage broking network and property are sold.
In December 2008, Mortgage Broking Services was acquired for £2.215m in redeemable convertible preference shares.
If the mortgage broking network and the property are sold then the company will be left with a loss-making surveying business.
Shares in Network Data fell 0.5p to 7p each, valuing the company at £1.98m.
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