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Premier Direct

  • BY: Andrew Hore |
  • POSTED: 30/01/2008 |

Premier Direct is raising £1.3m (£1.15m after costs) at 20p a share. 

The shopping at work company needs the cash to pay off short-term debt. The directors and senior management have invested £430,000 in the placing. The shares dipped 2.5p to 25.5p – a new 12 month low.

The company has also arranged a new £1m short-term debt facility with Royal Bank of Scotland in return for a £100,000 fee and warrants over 814,204 shares at an exercise price of 20p a share. RBS used to have warrants exerciseable at 45p a share but they have been cancelled.

Premier blames disappointing sales and problems with its IT for the additional £1.5m of seasonal stock it still has in its warehouse. This is why it needed the RBS facility.

This year’s profits should be in line with expectations. Turnover should be at least £10.6m in the six months to January 2008.

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