News blog

Proventec

  • BY: Andrew Hore |
  • POSTED: 08/12/2010 |

Steam cleaning technology developer Proventec has completed its capital restructuring and the shares have returned from suspension.

The shares were suspended at 27.5p each on 8 July. The price has almost halved to 14p, which values Proventec at £5.57m. Trading also resumed on Alternext.

Proventec secured £2.5m from a placing at 57p a share and coverted £7.88m of loan notes and £3.5m of other debt at the same share price. Certain warrants and options were cancelled. There are still £7m of loan notes in issue.

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

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