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Proventec

  • BY: Andrew Hore |
  • POSTED: 21/09/2010 |

Steam cleaning technology developer Proventec is well on the way to completing its rescue fundraising, which is needed after the 2.66m operating cash outflow in the 12 months to March 2010. 

Revenue dipped slightly from 15m to 14.4m but a previous acquisition was not included for all of the corresponding period. Proventec has discontinued the Cryojet dry ice cleaning business. This means that there was an underlying decline in revenues of 8%. The reported loss jumped from 1.93m to 2.79m with the majority of the loss down to interest charges.

Proventec has changed its year end to September so the next report and accounts will be for the 18 months to September 2010.

Proventec has secured 2.5m from a placing at 57p a share and the conversion of 7.88m of loan notes and 3.5m of other debt at the same share price. Certain warrants and options will be cancelled. A capital restructuring is required for the refinancing to go ahead. There will still be 7m of loan notes in issue.

The shares were suspended at 27.5p each on 8 July. They will remain suspended until the scheme of arrangement relating to the refinancing is effective, which should be in November.

Trading remains difficult but Proventec is winning orders from the NHS and industrial customers. The Apollo range of industrial dry steam equipment designed by Proventec was recently launched.

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